Trump reportedly unveils fresh strategy for Russian energy sector, according to Von der Leyen.
The European Commission has announced an initiative to speed up the halt of all European oil and gas imports from Russia, following a conversation with US President Donald Trump. This move comes as the EU seeks to reduce its dependence on Russian energy, particularly fossil fuels that finance the war economy in Ukraine.
Currently, gas supplies from Russia accounted for around 19 percent of all imports in 2024, according to EU Commission figures. However, the European Commission's plans initially aimed to stop oil imports from Russia by the end of 2027. The new initiative seeks to bring this end date forward, although no specific timeline has been provided.
The proposed sanctions are intended to target Russia's banks, energy sector, and the use of cryptocurrencies to circumvent sanctions. The EU's efforts to phase out Russian energy imports are complicated by the continued reliance on Russian oil among some EU countries, such as Hungary and Slovakia.
Large amounts of liquefied natural gas from Russia still pose a challenge to the EU's goal of energy independence from Russia. It is uncertain if the EU initiative alone will be effective, as Turkey, a NATO country, imports significant amounts of cheap energy from Russia and has not indicated a quick change.
Trump had conditioned further US Russia sanctions on European partners imposing high tariffs on Chinese imports and ceasing Russian oil purchases. The conversation with Trump also discussed further steps to increase economic pressure on Russia.
The European Commission President, Ursula von der Leyen, announced the swift presentation of a proposal for the 19th package of EU-Russia sanctions. However, no details on the considerations for a faster exit from Russian energy imports were provided by Von der Leyen.
The EU has already taken steps to reduce its reliance on Russian energy. As of December 5, 2022, an embargo on seaborne Russian crude oil entering the EU was imposed, and on refined petroleum products as of February 5, 2023. Temporary exemptions for certain member states via pipelines were granted.
Russia's war economy is sustained by revenues from the sale of fossil fuels. The proposed sanctions aim to weaken Russia's ability to fund its military operations and contribute to bringing an end to the bloodshed in Ukraine.
The prospects of the EU initiative's success are unclear due to Turkey's continued reliance on Russian energy. However, the EU remains committed to reducing its dependence on Russian energy and contributing to a peaceful resolution in Ukraine.
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