The new regulation banning the import of natural gas from Russia throughout the European Union from autumn 2027 was published today in the Official Journal of the EU and entered into force.
This event accelerates the processes for the development of the vertical energy corridor and the exploitation of Greece's geopolitical position in the project of de-independence of Europe from Russian energy sources, through the use of American liquefied natural gas (LNG).
According to the new regulation, EU member states must prepare for the complete phase-out of Russian gas in a coordinated manner, to give the market sufficient time to adjust, without risking security of supply or having a significant impact on energy prices. Thus, EU countries must draw up national gas diversification plans and submit them to the Commission by 1 March 2026.
Stavros Papastavrou: The vertical corridor is an issue of national importance
These energy developments were commented on by the Minister of Environment and Energy, Mr. Stavros Papastavrou, speaking to ERTNews, where he emphasized that the decision to become independent from Russian natural gas constitutes a change in balance in the wider region and constitutes an end to the paradoxical phenomenon of Europe supporting Ukraine on the one hand and financing Russia's war on the other through the natural gas market. He also added that the new situation that is taking shape offers Greece the opportunity to play the role of an energy hub in Europe through the vertical corridor.
"The success of the Vertical Corridor changes the balance. It creates alternative routes for Europe, upgrades Greece's role as a reliable energy hub in the region and limits Turkey's energy role. It is a matter of national interest and strategic choice," he said, emphasizing that the vertical corridor is not only a complex and unprecedented undertaking, but also more than an energy project, as it opens up opportunities for trade, transport and the economy more broadly.
In fact, Mr. Papastavrou noted that the success of the energy corridor is a matter of national strategy, pointed out that the US attaches particular importance to the success of the Vertical Corridor and announced that on February 24, 2026, a meeting of the Energy Ministers of the countries involved will be held in Washington with American officials, so that the project can proceed quickly.
Alexandros Exarchou: Europe should support the vertical energy axis
It is recalled that the Chairman and CEO of AKTOR Group and CEO of ATLANTIC SEE LNG TRADE, speaking recently from Davos, noted that, if the EU member states mean the ban on Russian gas imports, they should have already rushed to secure guaranteed quantities and prices with long-term contracts from other suppliers, such as the US. Otherwise, as he commented, if they wait until 2028 to make decisions, they risk finding themselves in a disadvantageous negotiating position, calling for consistency between words and actions from the EU.
In fact, Mr. Exarchou pointed out that we must immediately adapt to the new situation and stressed the need for Europe to subsidize, support and upgrade the vertical energy axis as well as its infrastructure, so as to make the supply of American LNG more economical.
Source: iefimerida.gr
