After the United States banned Russian oil and other energy imports, the European Union (EU) will walk the same path by vastly reducing the Russian gas imports this year, an international news agency reported. This comes amid the intensifying Russian attack on Ukraine.
The West has put many economic sanctions of Russia following its attack on Ukraine and this is an addition to them. However, unlike the US, the European Union (EU) cannot take a stand on an oil import ban on Russia as they fear that the economic consequences would be too severe.
The European Commission said it could erase a huge share of its dependency on Russia by tapping new gas supplies, ramping up reserves for next winter and accelerating efforts to be more energy efficient, according to the report.
"By the end of this year, we can replace 100 billion cubic metres of gas imports from Russia. That is two-thirds of what we import from them," EU Commission vice president Frans Timmermans said. "This will end our over-dependency and give us much needed room to maneuvre," he added.
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Frans Timmermans leads EU policy-making on energy and climate change. The EU bloc in its further plan also stated that it could become fully independent of Russian gas, oil and coal by 2030. Natural gas from Russia accounts for 40% of EU's gas needs.
Italy, Germany and several central European countries are specially dependent on Russian gas, oil and coal. A quarter of its oil supply also comes from Russia. Because of this reliance on Russia, EU nations are avoiding full sanction on Russia's energy sector.
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The 27 leaders of EU will agree 'to phase out our dependency on Russian gas, oil and coal imports', according to a draft of a declaration.
Meanwhile, the United States President Joe Biden has decided to ban Russian oil imports to further the economic santions on Moscow in retaliation for its invasion of Ukraine. Ukrainian President Volodymyr Zelenskyy has thanked US President Joe Biden Tuesday for its decision on banning Russian oil, natural gas and coal imports.
