EU Reaches Deal to End Russian Gas Imports by 2027

The European Union reached a provisional agreement on Wednesday to end all imports of Russian natural gas by the end of 2027, marking a significant step toward reducing the bloc's energy dependence on Moscow and limiting revenue streams supporting Russia's war in Ukraine.

The deal, negotiated between the European Commission, the European Parliament, and the Council representing the 27 member states, sets specific timelines for phasing out both pipeline gas and liquefied natural gas (LNG) from Russia. Short-term contracts for LNG will be prohibited starting April 25, 2026, while those for pipeline gas end on June 17, 2026. Long-term LNG contracts face a ban from January 1, 2027, and pipeline imports under such agreements must cease by September 30, 2027, with a possible brief extension to November 1 if gas storage levels necessitate it. New transit deals with Russia will be banned from January 1, 2026, though existing ones may continue until their expiration. The agreement includes provisions for temporary suspensions in cases of supply disruptions and allows companies to invoke force majeure to exit contracts legally due to the import ban. Penalties for violations could reach...