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Cake day: April 28th, 2025
  • puddinghelmet@feddit.nltoWorld News@quokk.au•After 3 years of full-scale war in Ukraine, Europe announces plan to ban all Russian gas imports
    18·
    1 month ago

    The import of coal from Russia has already stopped, they are in the process of ending oil imports, but the situation is different when it comes to gas.

    Although the share of Russian gas in the EU dropped from 45 percent in 2021 to 13 percent now, Russia still earns 23 billion euros per year from it. Despite the restrictions, Russian energy exports remain an important source of income for the Kremlin.

    The EU member states and the European Parliament still need to approve the plans. The expectation is that the plan will lead to fierce debate, especially from Hungary and Slovakia. These countries are the most pro-Russian and still rely heavily on Russian energy.

    But Commission President Von der Leyen says that the energy coming to Europe must not contribute to the war against Ukraine. “We owe that to our citizens, our businesses, and our brave Ukrainian friends.” 👏🏽💪🇪🇺🇺🇦

    source

    Von der Leyen’s Plan to End Russian Gas Imports by 2027 (REPowerEU) (Sources: Reuters, AP News, Financial Times, Euronews, Kyiv Independent) Key Measures:

    • Ban on new gas contracts after 2025
    • End existing contracts by 2027
    • Mandatory transparency for gas deals
    • Switch to LNG from other suppliers & renewables
    • Help for Hungary & Slovakia to transition

    To overcome opposition from Hungary and Slovakia, the EU will use qualified majority voting, so no single country can veto the plan. Each country must submit its own phase-out plan, tailored to its situation. The EU is offering financial tools under the REPowerEU plan to help countries support their companies exiting Russian deals and phase out Russian energy. These include grants and loans from the recovery fund, support from the European Investment Bank, and targeted funds for energy infrastructure and renewables, like Hungary receiving €700 million in grants and applying for €3.9 billion in loans to upgrade its energy system.