The European Union intends to end all gas imports from Russia by the end of 2027, based on an agreement reached in Brussels between representatives of the governments of its 27 member states and the European Parliament.
Under the plan, for short-term contracts signed before June 17, 2025, the ban will apply from April 25, 2026 for liquefied natural gas (LNG) and from June 17, 2026 for gas transported through pipelines.
For long-term LNG supply contracts, the ban will enter into force on 1 January 2027, as provided for in the 19th package of European sanctions on Russia. For long-term pipeline gas import contracts, imports will be banned from 30 September 2027, subject to meeting gas reserve targets, and no later than 1 November 2027.
As of October, Russia was the source of around 12% of EU gas imports. In comparison, member states imported around 45% of the gas they consumed before the Russian invasion of Ukraine in February 2022. Hungary, France and Belgium are among the member states that still import Russian gas.
Meanwhile, four sources at the Reuters news agency reported yesterday that the European Commission intends to submit a formal proposal within the week for the use of Russian blocked funds to finance Ukraine, which also leaves open the possibility of joint EU borrowing from international financial markets, or a combination of the two options.
EU leaders agreed in October to cover Ukraine's "pressing financial needs" over the next two years, but stopped short of approving a plan to use 140 billion euros of Russian funds frozen in Europe to provide a loan to Kiev, particularly due to concerns about the legal risks raised by Belgium.
The bulk of Russian funds frozen in Europe are held in the Belgian securities depository Euroclear.
Under the Commission proposal, Ukraine will only repay the loan if Russia offers compensation for war damage. The text is expected to be approved today, Reuters sources said.
A European Commission spokesman did not comment on the substance of the text when asked about it by the agency, limiting himself to stating that the commissioners "will examine options" for financing Ukraine and are expected to "approve" the proposal for this.
Source: protothema.gr
