The European Commission (EC) has unveiled a regulatory framework for phasing out Russian oil and natural gas by the end of 2027 that relies on incentivizing LNG imports from allies, such as the United States, and reducing natural gas consumption.

Image showing a comprehensive market analysis of the European Union’s gas storage levels with graphs representing trends in inventories, highlighting key insights into energy market dynamics and gas data projections for the near future.

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Under the policy, European Union (EU) member countries would have to find alternative sources for up to 52 Bcm in Russian natural gas supply within the next two years, according to EU data.

EC President Ursula von der Leyen said the move to gradually ban Russian energy imports will eliminate the lingering risk and influence the country holds over Europe’s economy and security.