EU Maps Out Plan to Replace Russian Gas on Threat of Cut-Off
- Moscow threatens to stop shipments via Nord Stream pipeline
- Russian invasion of Ukraine forces EU energy security overhaul
Pipelines near a natural gas field near Bovanenkovskoye on the Yamal Peninsula in Russia.
Source: Bloomberg
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The European Union laid out plans to end its reliance on Russian gas in the next few years, in the wake of the invasion of Ukraine that’s roiled energy markets and prompted Moscow to threaten to cut supplies.
The European Commission on Tuesday outlined its strategy to cut import needs from Russia by two-thirds this year. Using measures such as tapping new supplies and boosting energy efficiency, the bloc aims to replace flows from its biggest supplier well before 2030 -- sooner than previous projections, according to a document that will now be discussed by national governments.