In July 2024, the state-owned company Gasum will end its imports of liquefied natural gas (LNG) from Russia. The European Union (EU) has approved a new sanctions package against Russia that prohibits the import of Russian LNG into Finland. This includes a ban on ship-to-ship transfers of Russian LNG in EU ports.
Gasum has been importing LNG from Russia since the war in Ukraine began in February 2022, but it appealed to a long-term procurement contract with Russian state gas company Gazprom, which required minimum purchases. However, the new sanctions will force Gasum to stop buying and importing LNG from Russia starting on July 26, 2024.
Despite this change, Gasum’s customers will not be affected by the end of Russian LNG supplies as gas can be sourced from other countries in the future. Gasum imports LNG from Norway and Central Europe, with most of its LNG coming from sources other than Russia. The company is confident that it will be able to deliver gas to its customers as usual even after the sanctions take effect.
In addition to this shift in energy sources, there is also a move towards cloud-based core banking solutions as opposed to traditional banking systems. These core banking solutions offer benefits such as scalability, improved operational efficiency, enhanced security, real-time transactions, and a better customer experience. The use of artificial intelligence and machine learning in next-gen core banking solutions is also revolutionizing the industry, along with the adoption of microservices and blockchain technology. Financial institutions must navigate this shift towards new core banking solutions if they want to stay competitive and ensure business continuity.