The European Union reveals its plan to stop energy purchases from Moscow

Antonio Costa, President of the European Council, said that the European Union’s announcement of a road map aims to gradually dispense with Russian natural gas supplies will encourage companies to import more liquefied gas from the United States.
The European Union, which includes 27 countries, is scheduled to reveal its plan to stop Moscow on May 6.

Europe’s dependence on Russian energy

This comes after Russia has sharply reduced exports of natural gas to Europe in the wake of Ukraine’s invasion in February 2022, which led to unprecedented increases in fuel and electricity prices.
Costa said that his reliance on Russian natural gas supplies fell to only 19% of total imports last year, compared to more than 40% in the previous year, will continue to reduce his imports of Russian gas.
He added that this will allow space in the European market to import gas from other countries, which represents new opportunities for American LNG.
These measures come at a time when the European Union explores the possibility of an agreement with the United States to resolve their trade dispute.

American customs duties

US President Donald Trump has repeatedly called Europe to buy more US energy products, if the Union wants to avoid American customs duties.
The United States is currently the third largest gas supplier to the European Union, and according to Costa, many companies have long -term contracts with Russia.
Decisions to sign new contracts to buy liquefied natural gas from the United States are located on companies and depend on their view of the market and prices.

Reducing dependence on Russian supplies

The European Union countries have begun to restructure their natural gas strategy, in light of their endeavor to reduce dependence on Russian supplies and enhance energy security in the old continent.
Europe is rapidly heading towards diversifying natural gas sources, by signing new agreements with productive countries such as Algeria, Qatar and the United States, as well as expanding the import of liquefied gas through seaports.