European Union member states approved the regulation to begin the phase-out of liquefied natural gas and pipeline gas imports from Russia in 2027.

The decision, approved by a qualified majority, with Hungary and Slovakia voting against and Bulgaria abstaining, is considered a “fundamental step towards the Union definitively ending its energy dependence on Russia.”

Existing contracts will undergo a transition period, which will help limit the impact of this decision on prices and markets. The 27 EU member states have also agreed to impose an obligation requiring them to verify the country of origin of any gas before authorizing its entry into the Union, thus preventing Russian gas from being introduced through sales to third countries.

Failure to comply with these new rules, which will come into force on February 2, could result in maximum fines of at least €2.5 million for individuals and at least €40 million for companies, as well as a minimum of 3.5 % of the company’s total worldwide annual turnover or 300 % of the estimated turnover of the transaction.

Furthermore, from March 1, EU member states will be required to draw up national plans to diversify their gas supplies and identify potential challenges to their replacement.

There is an exception to the regulation, allowing for a suspension of up to four weeks, and countries may reconnect to Russian gas in the event of a declared emergency or if security of supply is seriously threatened in one or more member states. EU.

M.Pino

Source: economiadigital

(Reference image source: Boris Busorgin on Unsplash)

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