The EU Council has finally banned imports of Russian pipeline gas and LNG

Author:
Olha Bereziuk
Date:

The EU Council officially adopted a decision on January 26 to phase out imports of Russian pipeline gas and liquefied natural gas. The document also provides for control over supplies and the search for alternative energy sources.

This is stated on the website of the Council of the EU.

The ban will take effect six weeks after the regulation comes into force. Current contracts will have a transition period. The EU says this phased approach will limit the impact on prices and markets.

A complete ban on LNG imports will come into effect from the beginning of 2027, and for pipeline gas from the fall of 2027.

Before allowing gas imports into the Union, EU countries will verify the country where the gas was produced.

EU countries must prepare plans to replace Russian gas and report on existing contracts by March 1. Countries that still import oil from Russia must also submit similar plans.

Violations of the rules are subject to large 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 amount.

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