Non-compliance with the new rules may result in maximum penalties of at least €2.5 million (US$3 million) for individuals and at least €40 million (US$48 million) for companies, at least 3.5 per cent the company’s total worldwide annual turnover, or 300 per cent of the estimated transaction turnover.
By March 1, 2026, EU countries must prepare national plans to diversify gas supplies and identify potential challenges in replacing Russian gas. To that end, companies will be required to notify authorities and the European Commission of any remaining Russian gas contracts.
EU countries still importing Russian oil will also have to submit diversification plans. In the event of a declared emergency, and if security of supply is seriously threatened in one or more EU countries, the commission may suspend the import ban for up to four weeks.