Trump proposes a fresh strategy for Russian energy, as per Von der Leyen's statements.
The European Commission has announced an initiative to hasten the exit from Russian fossil fuel imports, following a conversation with US President Donald Trump. This decision comes amidst growing international pressure on Russia due to its war in Ukraine.
According to the proposal, the European Union aims to halt oil imports from Russia by the end of 2027, earlier than the previously planned deadline. The gas import stop is scheduled for 2028. However, the exact new dates have not been specified.
The proposed sanctions are intended to target Russia's banks, energy sector, and the use of cryptocurrencies to circumvent sanctions. The initiative is a response to Russia's war economy, which finances the bloodshed in Ukraine and is sustained by the revenues from the sale of fossil fuels.
However, the success of the EU initiative may be hindered by the reliance of some countries, particularly Turkey, on Russian energy. Turkey, a NATO country, imports large amounts of cheap energy from Russia and has not shown a quick willingness to change this.
Moreover, Hungary and Slovakia continue to import substantial amounts of Russian oil from EU states, potentially complicating the EU's efforts to reduce or halt Russian energy imports. It is unclear whether a EU initiative would be sufficient to reduce or halt Russian energy imports, given the reliance of some countries and the ongoing imports of liquefied natural gas.
Despite the announced initiative, the European Union still imports significant amounts of Russian oil and liquefied natural gas. In 2024, 13 million tons of Russian crude oil still reached the European market, despite a significant decrease since the start of the war. Gas supplies from Russia accounted for nearly 19 percent of all imports in the same year, according to EU Commission figures.
The proposed sanctions are not the first in response to Russia's actions in Ukraine. The EU has already imposed 18 packages of sanctions against Russia. The 19th package, swiftly to be presented, is expected to further increase economic pressure on Russia.
The conversation with Trump also discussed further steps to increase economic pressure on Russia. Previously, Trump linked further US-Russia sanctions to European partners imposing high tariffs on Chinese imports and not buying Russian oil.
The European Commission's current plans aim to halt oil imports from Russia by the end of 2027. However, the ongoing reliance of some countries on Russian energy and the ongoing imports of liquefied natural gas could pose challenges to this goal. The EU will need to find alternative energy sources and negotiate with energy-dependent countries to successfully implement this initiative.
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