European Union member states reached an agreement on Monday (20/10) to terminate all Russian natural gas imports by the end of 2027. Energy ministers made this decision during their meeting in Luxembourg. The European Commission’s plan provides for the gradual phase-out of both pipeline natural gas imports and liquefied natural gas (LNG) from Russia. The proposal requires approval from the European Parliament to take effect.
Short-term agreements will be signed next summer, with long-term contracts following 18 months later, according to Bloomberg. Hungary and Slovakia will receive an exemption for a certain period.