How Europe Plans to Phase Out Russian Oil and Gas
In the coming weeks, the EU will decide whether to end its remaining imports of Russian fossil fuels by early 2027 or extend the deadline by another year. This decision comes as the bloc faces a challenging path ahead, needing to overcome resistance from some member states and find new sources to replace billions of euros worth of Russian oil and gas still imported monthly.
Progress and Challenges
Since Russia’s full-scale invasion of Ukraine in 2022, the EU has made significant strides in reducing its reliance on Russian energy, notably by cutting seaborne oil imports. However, gas remains a major challenge, constituting about two-thirds of the bloc’s current fossil fuel imports from Russia.
The Duna Oil Refinery, one of the largest in Eastern-Central Europe, receives Russian oil via the Druzhba pipeline in Szazhalombatta, Hungary, as of May 24, 2022. (Janos Kummer / Getty Images)
Future Prospects
How Europe replaces the remaining Russian gas imports will depend largely on the global liquefied natural gas (LNG) market, which has already played a crucial role in substituting pipeline gas from Russia.
Key Points
- The EU must secure alternative energy sources to replace Russian oil and gas.
- Gas imports from Russia still make up two-thirds of the bloc's fossil fuel imports.
- The LNG market is central to Europe’s strategy to reduce pipeline dependency.
- Some EU capitals may resist the proposed timelines.
Author’s summary: The EU is poised to decide soon on ending Russian fossil fuel imports by 2027, facing political resistance and relying heavily on LNG to replace Russian gas.