EU to phase out Russian gas imports before 2030

EU to phase out Russian gas imports before 2030

The European Union has outlined plans to eliminate its dependence on Russian oil and gas.

Speaking on Tuesday, it says it will cut Russian gas imports by two-thirds this year; and eliminate its overall need for Russian oil and gas “well before 2030.”

The European Union depends on Russia for about 40% of its natural gas. Russia also supplies about 27% of the oil the EU imports each year.

Russian deputy prime minister Alexander Novak;  said  Russia could cut off the supply of gas to Germany via the Nord Stream 1 pipeline; in retaliation for Scholz blocking the Nord Stream 2 pipeline project.

Also read: German Chancellor arrives Moscow amid tension

The EU also announced a series of measures to counter soaring energy prices which the bloc has been facing for several months; now exacerbated by supply disruption worries; including potential temporary price limits and short-term state aid to companies affected by high energy prices.

EU Commission President Ursula von der Leyen said: “We must become independent from Russian oil; coal and gas. We simply cannot rely on a supplier who explicitly threatens us.

We need to act now to mitigate the impact of rising energy prices; diversify our gas supply for next winter and accelerate the clean energy transition.”

EU Energy Commissioner Kadri Simson said that the EU has “sufficient amounts of gas” for the remaining weeks of this winter but that “we need to replenish our reserves urgently for next year.” 

“The Commission will therefore propose that by 1 October, gas storage in the EU has to be filled up to at least 90%,” she added.


US House Speaker Pelosi says the House will move ahead with legislation banning Russian oil

US House Speaker Nancy Pelosi announced to her caucus this morning; that the House would be moving ahead with Russian oil ban legislation and that the bill is expected to include other items,; according to a Democratic aide.

She also told her colleagues; that the White House has been telling her for days that the President would be announcing the ban.

Notably, White House Press Secretary Jen Psaki told reporters yesterday that Biden had yet to make a decision on this front.

More on this: President Biden is now expected to announce later; a ban on Russian oil, natural gas and coal imports to the US.

House Majority Leader Steny Hoyer has previously said the bill could be on the floor this week

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