EU member states have agreed to completely remove Russian gas from the region by the end of 2027.
Energy ministers from 27 EU countries held a meeting in Luxembourg on the 20th and confirmed the negotiations of the Council (27 representatives of 27 countries) that regulated the phased suspension of imports of Russian gas. This means that the preparations for the legislative process are completed based on the regulations proposed by the European Commission, which is equivalent to the EU administration, and details will be confirmed after negotiations with the European Parliament. The European Parliament is in a position to move forward the timing of the suspension of Russian gas imports, so the legislative process is expected to be completed quickly unless there are special variables.
According to the deal, new import contracts for Russian gas will be banned from January 1 next year, and short-term contracts within a year can be maintained until June 17 next year. Long-term contracts must be terminated or broken by December 31, 2027, and imports of Russian gas, including liquefied natural gas (LNG), will be banned altogether from January 1, 2028.
Russian gas, imported mainly in the form of LNG after the war in Ukraine, accounts for about 13% of the EU’s total gas imports and 15 billion euros in size. As a result, considerable damage to the Russian energy industry is expected to be inevitable.
According to EU sources, 25 countries, excluding Hungary and Slovakia, voted in favor of the vote. Trade measures such as the suspension of gas imports can be passed by a “weighted majority” (more than 15 countries representing more than 65% of the EU population) rather than a unanimous vote. Hungary and Slovakia have opposed the regulation since the Commission first proposed the regulation in June, citing disruptions in energy supply.
The EU previously said last month that it would consider accelerating the import suspension after the U.S. administration of Donald Trump pressed that “Europe should first stop purchasing Russian fossil fuels so that the U.S. will also sanction Russia.”
SAM KIM
US ASIA JOURNAL
