Trump allegedly unveils fresh strategy for Russian energy, according to Von der Leyen
The European Commission has announced an initiative to expedite the halt of all European oil and gas imports from Russia, as the continent seeks to end its financial support for Russia's war economy. This move comes amidst increasing political and economic pressure on Russia, following its invasion of Ukraine.
According to EU Commission figures, in 2024, gas imports from Russia accounted for nearly 19% of all imports, with large amounts of liquefied natural gas still being imported into the EU. Moreover, 13 million tons of Russian crude oil still reached the European market that same year.
The success of the EU initiative, however, may not be sufficient, as it depends on the actions of countries like Turkey, a NATO member that imports large amounts of cheap energy from Russia and has not shown signs of wanting to change this quickly. Hungary and Slovakia also continue to import significant amounts of Russian oil, while major LNG import ports such as Zeebrugge (Belgium), Montoir and Dunkerque (France), Bilbao and Mugardos (Spain), and Rotterdam (Netherlands) still see Russian LNG as a notable share of their total consumption.
These ongoing energy imports mean billions in daily revenue for Russia and may complicate EU political unity and energy security efforts. In an effort to address this, the 19th package of EU-Russia sanctions is expected to target Russia's banks, energy sector, and the use of cryptocurrencies to circumvent sanctions.
The conversation between European Commission President Ursula von der Leyen and U.S. President Donald Trump also discussed further steps to increase economic pressure on Russia. The leaders also discussed the prompt presentation of a proposal for the 19th package of EU-Russia sanctions.
The end date for completely stopping oil imports from Russia, according to the Commission's current plans, is 2027. However, the current concept from June suggests that no gas will be imported from Russia into the union after 2028. The Commission, however, did not provide details on the considerations for a faster exit from Russian energy imports.
President Trump previously linked further U.S. Russia sanctions to the European partners imposing high tariffs on Chinese imports and stopping Russian oil purchases. The prospect of success is unclear due to the reliance of certain countries on Russian energy.
In a 'constructive telephone call,' President von der Leyen and President Trump discussed the importance of unity in the face of Russia's actions. The actions of countries like Turkey are crucial to the success of the EU initiative, but the road to a complete phase-out of Russian energy remains challenging.
Read also:
- French President Macron seeks a new Prime Minister for the second time
- United States defense contracts may see increased interest from Swiss officials in a move to counter imported tariff hikes
- Trade disagreements between the United States and China temporarily halted, marking a brief respite in their ongoing tariff standoff.
- Norway's Prosperity Fund Decreasing Israeli Assets due to Regional Conflicts
