NEW YORK: The European Union is set to propose measures to ban Russian gas imports by the end of 2027, Bloomberg reported citing sources. ...
NEW YORK: The European Union is set to propose measures to ban Russian gas imports by the end of 2027, Bloomberg reported citing sources.
The EU plans to unveil in June a proposal to prohibit all gas imports under new agreements with Russia as well as existing spot contracts, according to the agency. The European Commission (EC) intends to announce its proposed restrictions on Russian pipeline gas and LNG supplies under long-term contracts in Strasbourg on May 6, the sources said.
Policies targeting spot contracts will come into effect no later than 2025, while restrictions on long-term agreements will be implemented by the end of 2027, Bloomberg wrote. Their timeline depends on the EU’s ability to secure alternative LNG sources from Africa, Canada, Qatar, and the US among others, through trade negotiations with US President Donald Trump’s administration, the agency added.
The plans, scheduled to be presented at the European Parliament’s session on May 6, are still subject to change, sources noted.
Reuters reported earlier that the EC was assessing legal options to allow EU companies to exit current gas supply contracts with Russia without incurring penalties. Additionally, the EU intends to present a comprehensive roadmap for phasing out Russian energy resources on May 6.
In May 2022, the European Union launched the REPowerEU program to eliminate Europe’s reliance on Russian gas by 2027. Meanwhile, the cost of Russian LNG imports for the EU has nearly quadrupled in three years due to rising prices and increased supply volumes.
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