EU Commission Proposes Full Phase-Out of Russian Oil, Gas Imports by 2027
The European Commission on June 16 unveiled a proposal to gradually stop the import of Russian oil and gas by the end of 2027. The commission said the proposal follows a plan adopted last month to fully phase out Russian gas imports (see 2505060027).
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The remaining Russian oil and gas volumes to be phased out can be eliminated "without significant economic impact or risks to security of supply, due to the availability of sufficient alternative suppliers in the global gas market," the commission said. The proposal has "built-in safeguards to respond to the reality of the gas markets," the commission said.
Under the proposal, Russian gas imports under new contracts will be banned beginning Jan. 1, 2026, and imports under existing short-term contracts "will be stopped by" June 17, 2026, "except those for pipeline gas delivered to land-locked countries and linked to long-term contracts which will be allowed until the end of 2027." Long-term contracts will be barred by the end of June 2027.
The proposal also covers long-term contracts for liquefied natural gas terminal services for Russian customers or controlled by Russian undertakings.
The proposal will need to be approved by the European Parliament and Council.