IN RESPONSE TO RUSSIA'S INVASION OF UKRAINE, THE EU INTENDS TO CUT RUSSIAN GAS IMPORTS BY TWO-THIRDS THIS YEAR

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Brussels: As political pressure rises to cut Russia's main economic lifeline over its invasion of Ukraine, a top EU official said the EU aims to drastically restrict Russian gas imports this year.

The European Commission, the EU's executive arm, will declare the objective later on Tuesday, after member states of the bloc backed away from imposing a ban on Russian energy imports due to concerns about the economic effects.

Instead, the commission claimed that by accessing new gas supplies, increasing reserves for next winter, and speeding up efforts to become more energy efficient, it could eliminate a large portion of its reliance on Russia.

On Monday, EU Commission vice president Frans Timmermans told the European Parliament, "I believe we can offer a plan...that would dramatically cut our dependence on Russian gas already this year."

According to widely publicised leaks of the proposals, the EU executive would commit to reducing gas dependency by two-thirds by the end of this year and becoming entirely independent of Russian gas, oil, and coal by 2030.

Timmermans, on the other hand, advised prudence. Russia provides 40% of the EU's gas requirements, with Italy, Germany, and other central European countries being particularly reliant. Russia also provides a fifth of the country's oil.

As Western allies seek new measures to penalise Russia for its activities in Ukraine, EU members have pushed back against requests from Kyiv and Washington to severely sanction Russia's energy sector.

"The reality is that a number of our member states would be in serious difficulties if all of their energy came from Russia tomorrow," said Timmermans, the EU's energy and climate change policymaker.

"So we have to make sure...we don't do more damage to ourselves than we do to Putin," he continued.

According to a copy of the proposal seen by AFP, 90% of gas storage capacity should be full by September 30, up from approximately 30% today.

The comments came only days before a gathering of EU leaders to consider how to reduce Europe's long-term energy connections with Russia.

According to a draught of a proclamation planned to close the summit seen by AFP, the 27 leaders will agree "to phase out our reliance on Russian gas, oil, and coal imports."

 

 

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