Finland's Gasum to stop Russian LNG import in line with sanctions

OSLO, June 25 (Reuters) - Finnish energy firm Gasum, a key gas supplier to the Nordic region, will halt purchases and imports of liquefied natural gas (LNG) from Russia in July in line with fresh European Union sanction, the company said on Tuesday.

"Gasum complies with all sanctions imposed by the EU and will not purchase or import Russian LNG as of 26 July," the company said in a statement.

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EU member nations on Monday adopted a 14th package of sanctions on Russia that hit the country's gas exports for the first time.

This includes a clause prohibiting the purchase or import of Russian LNG through European Union terminals that are not connected to the EU gas network, added on the behest of Sweden and Finland and allowing them to cancel some LNG contracts.

While other LNG sanctions under the EU's latest package do not take effect until next year, the clause applying to Finland and Sweden is effective from July 26.

"The sanctions adopted by the EU do not allow Gasum to terminate its agreement with Gazprom Export, but constitute a force majeure on the purchase or import of Russian LNG to off-grid terminals," Gasum said.

The company has a long-term LNG supply contract with Gazprom Export which was concluded before 2022 on a so-called take-or-pay agreement, obliging it pay for the contracted gas regardless of whether it uses it or not.

Without sanction, Gasum had been lacking legal grounds to stop its purchases.

Gasum buys the LNG from the Kryogaz-Vysotsk plant controlled by Russia's Novatek.

Gazprom and Novatek did not respond to requests for comment.

(Reporting by Nora Buli in Oslo, additional reporting by Oksana Kobzeva in Moscow, editing by Terje Solsvik)