The European Union has outlined a comprehensive plan under its REPowerEU initiative to completely phase out imports of Russian gas and oil by the end of 2027, aiming to bolster energy security and market stability across the bloc.
According to BFMTV, the European Commission presented the legislative proposal on Oct. 17, 2023. It introduces a phased ban on both pipeline gas and liquefied natural gas (LNG) from Russia, starting with the suspension of all new import contracts signed after October 17, 2023, which will take effect in January 2024. From Jan. 1, 2026, the import of Russian gas under new contracts will be formally prohibited.
