EU Agrees To Stop Russian Gas Imports And Phase Out Russian Oil By 2027

Add as your preferred news source on Google Add Now The European Union is planning to permanently stop the import of Russian gas and move towards the phase-out of Russian oil under the provisional political agreement reached by the European Parliament and the Council. This historic decision is aimed at ending the European Union's dependence on an unreliable supplier, which has repeatedly destabilized European energy markets, put at risk security of supply with energy blackmail and harmed the European economy. As set out in the REPowerEU Roadmap, the full phaseout of Russian fossil fuels is an essential step to guarantee Europe's energy independence, competitiveness, resilience and market stability.Commission President Ursula von der Leyen said, "Today, we enter the era of Europe's full energy independence from Russia. REPowerEU has delivered. It shielded us from the worst energy crisis in decades, and it helped us to transition from Russian fossil fuels at record speed. Today, we are stopping these imports permanently. By depleting Putin's war chest, we stand in solidarity with Ukraine and set our sights on new energy partnerships and opportunities for the sector".According to Tuesday's agreement, LNG imports will be phased out by 2026 December 31 and pipeline gas by 2027 September 30. In exceptional cases, EU Member States may extend this deadline until 2027 October 31 iF their storage levels are below the required filling levels.For short-term supply contracts concluded before 2025 June 17, the prohibition of Russian gas imports will apply from 2026 April 25 for LNG and from 2026 June 17 for pipeline gas.For long-term contracts for LNG imports concluded before 2025 June 17, the prohibition will apply from 2027 January 1, in line with the 19th sanctions package.Pipeline gas imports under long-term contracts will only be allowed until 2027 September 30. In the event Member States face difficulties to fill the required storage levels, the import ban for pipelines would only apply as of 2027 November 1.The European Commission has made it clear that amendments to existing contracts will be permitted only for narrowly defined operational purposes and cannot lead to increased volumes or prices.By 2027 November the latest, the European Union will have phased out Russian gas imports, the Commission said in a press release.Strong safeguards against circumvention are included in the political agreement.According to the deal, Member States will have to submit national diversification plans outlining measures to diversifying their gas and oil supplies by 2026 March 1. They will also be required to notify the Commission within one month of the Regulation's entry into force whether they have Russian gas supply contracts or national legal bans in place. For comments and feedback contact: editorial@rttnews.comBusiness News