MEDT Removes Sanctions Imposed on Liquefied Gas Market Operators

Monday, 13 Mar 2017

MEDT Removes Sanctions Imposed on Liquefied Gas Market Operators

MEDT Removes Sanctions Imposed on Liquefied Gas Market Operators

On March 10, the Ministry of Economic Development and Trade of Ukraine posted on its web site a decree of removal of sanctions imposed on LPG market operators. The Ministry planned to impose these sanctions from March 18 based on the letter from the Security Service of Ukraine (SSU).

As it was revealed, a day earlier the SSU informed MEDT of the fact that primary data on breaches of law by liquefied gas market operators are proved only partially, and market participants’ involvement in hurting the interests of Ukraine was not proved. Consequently, all 15 fuel importers and their contracting parties were exempt from acting limitations in a form of temporary suspension of foreign trade operations.

It bears reminding that the first LPG railway tank cars were blocked as far back as November. The affected companies suffered significant financial damage.

Removal of sanctions became possible due to the meaningful cooperation with public authorities on the part of market participants, industry associations, people’s deputies regarding the most rapid settlement of the situation, as well as the activity in public field.

Ukrainian Oil&Gas Association plans to keep on monitoring and analysing the developments in the liquefied gas market to prevent potential recurrence of the situation.

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