The European Union is set to unveil a long-awaited plan today to phase out its remaining gas imports from Russia, a significant challenge given Europe’s heavy reliance on Russian fossil fuels.
EU Energy Commissioner Dan Jorgensen will present the measures, which had been delayed as Brussels waited to see whether ongoing talks between Russia and the US would result in a deal to end the war in Ukraine.
In response to Russia’s invasion of Ukraine, the EU imposed a ban on Russian oil in late 2022 and has since worked to reduce its dependence on Russian gas. Although pipeline imports have decreased significantly, several European countries have increased their imports of Russian liquefied natural gas (LNG), which is now transported by sea. The EU now aims to completely cut off these supplies.
This shift could pave the way for Europe to purchase more LNG from the US, a suggestion previously floated by both Brussels and former US President Donald Trump, as a solution to the standoff sparked by US tariffs on European exports.
EU Trade Commissioner Maros Sefcovic told The Financial Times that the dispute could be resolved “very quickly” through increased LNG and soybean purchases, which would help reduce the EU’s trade surplus with the US.
The US is already the EU’s largest LNG supplier, accounting for 45.3% of the market, while Russia provides 17.5%, according to EU data.
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