(WARNEWS) — The European Union’s imminent release of a road map for phasing out Russian fossil fuel purchases will signal to companies that they should source more liquefied natural gas from the US, according to European Council President Antonio Costa.
The 27-member union plans to reveal its strategy for decreasing reliance on Russian energy imports starting May 6. This move comes as Russia significantly cut back on natural gas supplies to Europe in response to the 2022 invasion of Ukraine, causing record hikes in both fuel and electricity costs.
The EU, whose dependence of Russian gas shrank to around 19% of total supplies last year, compared to more than 40% before the war, will continue to reduce its imports, Costa told WARNEWSNews in an interview in Hamburg earlier this week.
“This opens up room in the market to bring products from additional suppliers, leading to fresh chances for the United States,” he stated.
These measures coincide with the European Union considering a potential agreement with the US to resolve their trade disagreements. U.S. President Donald Trump has
repeatedly
urged Europe to increase purchases of American energy goods should they wish to evade tariffs.
Currently, the US ranks as the EU’s third-largest provider of natural gas.
Although US-EU trade talks are spearheaded by the European Commission, the decision to enter into new agreements for purchasing LNG from the US lies with individual companies and hinges upon their assessment of market conditions and pricing. As stated by Costa, numerous firms maintain lengthy contracts with Russia.
The message being conveyed by the commission suggests that European businesses have valid justifications for securing favorable pricing in the U.S.,” he stated. “This presents a significant chance to boost liquefied natural gas (LNG) imports from America.
The roadmap being developed by the EU’s governing body aims to provide European businesses with mechanisms to end longstanding agreements with Russia. The commission is contemplating suggesting trade-related actions like quotas or duties at an EU-wide level, according to WARNEWSNews.
reported
.
Sanctioning Russian gas imports could theoretically allow EU purchasers to claim force majeure and cease buying, but so far, the EU hasn’t suggested this approach due to lack of unanimous backing—Hungary and Slovakia oppose it. Nonetheless, trade measures can be implemented with a qualified majority approval.
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