EU to boost purchases of US oil and gas as part of plan to cut off Russian supplies
Ursula von der Leyen at the meeting with Donald Trump. Photo: Getty Images
The European Union will spend US$750 billion on purchasing American energy resources under a new trade agreement with the United States as part of efforts to fully eliminate its dependence on Russian supplies.
Source: The Moscow Times, citing European Commission President Ursula von der Leyen following a meeting with Donald Trump in Scotland
Details: The EU and the US have reached a major trade deal involving a strategic energy partnership. Over the next three years, EU countries will buy oil, liquefied natural gas (LNG) and nuclear fuel from the US worth US$750 billion.
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Ursula von der Leyen stated that the EU aims to completely halt imports of Russian hydrocarbons by 2027. The new energy supplies from the US, she added, will contribute to diversifying sources and enhancing Europe's energy security.
Background:
- On 27 July, the US and the EU signed a trade agreement setting import tariffs at 15%.
- The European Commission has proposed a gradual and effective phase-out of Russian gas and oil imports to the EU by the end of 2027.
- Despite significantly reducing its consumption of Russian energy, the EU still paid €23 billion for it in 2024.
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