On January 26, the Council of the European Union officially adopted a decision on the phased withdrawal from imports of Russian pipeline gas and liquefied natural gas (LNG). The document also provides for supply monitoring and the search for alternative energy sources. This was reported by Babel with reference to the EU Council’s website, PromPolitInform reports.
The ban will take effect six weeks after the regulation enters into force. Existing contracts will be subject to a transitional period. EU officials say that this phased approach will help limit the impact on prices and markets.
A full ban on LNG imports will come into force at the beginning of 2027, while the ban on pipeline gas imports will take effect in the autumn of 2027.
Before allowing gas imports into the Union, EU member states will be required to verify the country where the gas was extracted.
By March 1, EU countries must prepare plans to replace Russian gas and report on existing contracts. The same requirement applies to countries that continue to import oil from Russia.
Violations of the rules will result in significant fines: from €2.5 million for individuals and from €40 million for companies, or up to 3.5% of annual turnover or 300% of the transaction value.
