Europe advances decisively in phasing out Russian petroleum and gas, as the ongoing Ukraine conflict persists.
The European Union is orchestrating an aggressive move to cut off Russian oil and gas imports, a decision that could transform the continent's energy landscape. This new policy direction, outlined by the European Commission, aims to phase out Russian gas by 2028, with intermediate deadlines tied to different types of contracts and enforcement mechanisms.
The outline includes a ban on any new import contracts from January 2026, while existing short-term contracts will have to cease in June 2026 (with exceptions for landlocked countries tied to long-term agreements, which can continue until the end of 2027). The ultimate goal is to practically eliminate Russian fossil fuels from Europe by the end of 2027-2028.
Ursula von der Leyen, the President of the European Commission, stated, "Russia has threatened us by weapping its energy supplies. We are taking clear steps to shut off the tap and end the era of Russian fossil fuels in Europe for good."
The EU has been gradually reducing its reliance on Russian gas, with Russia's share falling from 45% in 2021 to 19% in 2024. Similarly, Moscow accounted for just 3% of the EU's total oil imports in 2024, a considerable decrease from the 27% it held at the start of 2022.
Critics have raised concerns about the potential impact of further sanctions on Russia, with countries like Hungary and Slovakia expressing reservations in the past. However, the European Commission has cleverly structured the new plan such that it requires a qualified majority vote from more than half of EU member states representing at least 65% of the bloc's population, circumventing the need for a unanimous vote.
In an additional effort to reduce the Kremlin's revenue from oil and gas production, the EU recently introduced a new package of sanctions, which includes lowering the price cap on Russian oil exports from $60 to $45 per barrel and imposing a full transaction ban on Russian banks and other financial institutions in third parties helping Moscow bypass existing Western sanctions.
The new restrictions will come into effect if they are approved by the required majority, a move aimed at weakening Russian energy dominance and strengthening Europe's energy security.
The European Union's policy and legislation to reduce Russian oil and gas imports is a significant shift in politics, with the aim to end Russian fossil fuels in Europe by the end of 2027-2028. This move, amidst war-and-conflicts, is part of the general news that is reshaping the continent's energy landscape and
Ursula von der Leyen's statement about ending the era of Russian fossil fuels in Europe for good is a reflection of the EU's aggressive approach in this shift, which includes new sanctions as part of its strategy.
