Bloomberg: EU close to agreement on complete abandonment of Russian gas

European Union energy ministers are set to meet in Luxembourg on October 20 to agree on a joint position over plans to ban all Russian gas supplies by the end of 2027, as the bloc pushes to end its long-standing dependence on energy imports from Moscow.

The proposed legislation would prohibit imports under existing short-term contracts starting in mid-June 2026, while long-term deals would be terminated 18 months later. However, landlocked countries such as Hungary and Slovakia would receive temporary exemptions due to their limited access to alternative supply routes, Caliber.Az reports per Bloomberg.

The plan, which requires a qualified majority for approval, is expected to pass even if some states oppose it. The move forms part of the EU’s broader effort to reduce its vulnerability to Russian energy leverage following Moscow’s invasion of Ukraine.

Brussels has faced increasing pressure from Washington to accelerate its break with Russian energy and expand purchases of American liquefied natural gas (LNG). Earlier this year, the EU and the United States announced a joint commitment to $750 billion in energy deals over the next three years.

Currently, Russia accounts for roughly 15% of Europe’s LNG supplies, making it the second-largest supplier after the US. Monthly payments for those imports have ranged between €500 million ($584 million) and €700 million, according to industry estimates.

The remaining issues to be settled at the meeting are largely technical, including how import authorisations will be handled under the new rules. Ministers are also expected to discuss the energy situation in Ukraine and the EU’s electrification strategy.

By Khagan Isayev