European Commission President Ursula von der Leyen said on Friday that by end of this May, the EU will propose a phase-out continent's dependency on Russian gas, oil and coal which will be done by the year 2027.
The announcement was made during a two-day summit of the EU member states’ 27 leaders, as well as the three leaders of the EU institutions.
"By end of May we will propose to phase out our dependency on Russian gas, oil and coal by 2027," Leyen said.
Adding to this, the EU president said that the proposal will be backed by necessary national and European sources.
Leyen further stated that the EU will also present options to optimize the electricity market design, for supporting the green transition.
As part of a two-day summit in Versailles, France, the leaders are expected to agree to the phasing out of Russian oil, gas and coal, according to a draft statement, which gives no end-date.
The commission earlier this week published an overhauled energy strategy aiming to cut reliance on Moscow following President Vladimir Putin’s invasion of Ukraine.
Under the commission’s energy strategy, named RePowerEU, the bloc could replace nearly two-thirds of gas imports from Moscow already this year through actions such as tapping new supply sources, boosting renewables and accelerating energy savings.
Nearly 2.5 million barrels of oil per day are shipped from Russia to the European countries. The country accounts for nearly 40 per cent of Europe’s natural gas demands. Russia is also the second-largest supplier of natural gas globally, accounting for 16.6 per cent of global natural gas supplies in 2020.
Earlier this week, the US said that it is banning all imports of oil and gas from Russia, US President Joe Biden made the announcement, in a move that aims to pressure Russian President Vladimir Putin to end the war in Ukraine.
Oil prices rose to $139 a barrel Monday, reaching price levels not seen since 2008, while gas prices nearly doubled, as the US deliberated with allies on banning oil and gas imports from Russia.
Russia is the third-largest oil supplier in the world, with the US and Saudi Arabia being the only countries to produce more.
According to data from Eurostat, Russia is the largest supplier of oil to the European Union, while also being the primary provider of petroleum oils.
Russia has enough buyers for its oil and gas even as Western nations and their allies impose sanctions in response to the invasion of Ukraine, according to a top Kremlin official.
(with sources inputs)
