EU plans to cut russian gas imports by 2027

The European Union plans to ban new Russian gas deals by the end of 2025 and phase out existing contracts by 2027.

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00:00In other news, the European Union will publish plans on Tuesday to ban new Russian gas deals

00:06by the end of 2025. This is a part of their plans to phase out existing contracts by 2027.

00:14The bloc had also set a non-binding goal to end Russian fossil fuel imports by 2027,

00:21following Moscow's war in Ukraine. The EU has also sanctioned Russian coal and seaborne oil,

00:26but not gas, due to opposition from Slovakia and Hungary, which still rely on Russian pipeline

00:32supplies. Sanctions require unanimous approval from all 27 EU countries. Russia currently supplies

00:40about 19% of Europe's gas, down from 40% before 2022 via TurkStream and LNG shipments. Many European

00:49firms remain tied to take or pay contracts with Gazprom, meaning paying for gas even if they

00:55don't receive it. The Commission is exploring legal ways to let companies exit these contracts

01:01without penalties. As part of its strategy to reduce reliance on Russian energy, the European

01:07Commission has signaled openness to increase U.S. LNG imports, a move once pushed by President

01:13Trump to reduce the EU's trade surplus.