The European Union wants to abandon Russian liquefied gas
Countries intend not to sign new agreements with Russian exporters
The European Union aims to ensure that the bloc's member states have the opportunity to ban Russian supplies of liquefied natural gas without imposing new energy sanctions.
Source. Bloomberg News
According to the document, which was reviewed by the publication, the EU energy ministers are ready to approve a proposal that will give the governments of the member states the opportunity to temporarily ban Russian companies from entering into new contracts, as well as to book the infrastructure capacity necessary for deliveries.
The new bans were initiated by the Baltic states: Lithuania, Latvia, Estonia, Poland, and Finland.
Liquefied natural gas is the last major source of Russian gas on the European market. In 2022, amid a decline in pipeline gas supplies, LNG exports from Russia increased by 20%.
Brussels expects that the new mechanism will further reduce purchases of Russian gas, without imposing additional restrictions.
European Commissioner for Energy Kadri Simson also insists that the document should include a ban on the conclusion of new agreements on the supply of LNG to the EU from Russia.
This idea is supported by Spain, the main buyer of Russian LNG in Europe, whose authorities have already asked their companies not to enter into new agreements with Russian companies.
The Europeans plan to replace Russian gas by increasing nuclear generation and building up renewable energy sources (RES). Moreover, Europe wants to reduce the total share of gas in energy generation by another 15% in 2023.
Paris is lobbying for the creation of a large number of low-capacity nuclear power plants that are relatively quick to build and effectively meet electricity needs.
The document also reflects a global goal for the entire EU: renewables should account for 45% of all energy generation by the end of the decade.
Sweden, which holds the EU presidency, insists that countries need to step up their efforts to introduce renewable energy sources, reducing their dependence on fossil fuels.
Background. As a reminder, at a meeting with Xi Jinping, Putin promised to give the Chinese leader all Russian LNG as a reward for "friendship."
If you have read this article to the end, we hope that means it was useful for you.
We work to ensure that our journalistic and analytical work is of high quality, and we strive to perform it as competently as possible. This also requires financial independence. Support us for only UAH 196 per month.
Become a Mind subscriber for just USD 5 per month and support the development of independent business journalism!
You can unsubscribe at any time in your LIQPAY account or by sending us an email: [email protected]
