A couple of days ago, we reported that the EU was standing ground on its plans to quit importing Russian energy products at the start of 2028. However, as U.S. pressure mounts to de-finance Russia’s war machine, the EU is considering expediting its timelines in order to avoid indirectly funding Russia’s war efforts in Ukraine.
On Wednesday, Ursula von der Leyen, the EU Commission chief, revealed that the bloc was looking into how to expedite the cessation of energy imports from Russia.
According to available data, the EU is forecast to procure approximately 13% of the natural gas it needs from Russia. While this may seem significant, it is a tiny fraction of the 45% the bloc used to buy from Russia prior to the invasion of Ukraine. Oil imports into the EU from Russia have dropped by 90% after a ban was placed on crude oil transported by sea from Russia.
Currently, Slovakia and Hungary still address most of their oil demand by accessing Russian oil through a pipeline. The dependence of these two on Russian oil has created a rift in the EU since the two countries say energy costs could skyrocket if they are compelled to put an end to their pipeline imports from Russia.
EU officials have travelled to the U.S. to conduct further discussions on how best to place additional sanctions on the Kremlin as a way of starving the country of its military funding for the Ukraine war.
Trump is determined to see an end to the war and he has been applying pressure on the EU to immediately halt energy imports from Russia. He also wants the bloc to impose sanctions against other countries that are still sourcing their energy products from Russia, such as India and China. Trump is proposing 100% tariffs on imports from those countries so that Moscow feels the pressure arising from being cut off from its major trading partners.
While addressing the EU Parliament, the chief of the bloc’s Commission told the members that they were looking into how to quickly phase out energy imports from Russia, target third countries and impose additional restrictions on shadow fleets transporting Russian oil in ways that circumvent existing and planned sanctions.
It remains to be seen what agreements will be reached during the ongoing EU-U.S meetings in Washington and how practicable it will be for the EU to expedite the end of Russian energy imports. Enterprises like GEMXX Corp. (OTC: GEMZ) will be following these developments to see how they reshape global oil and gas markets.
NOTE TO INVESTORS: The latest news and updates relating to GEMXX Corp. (OTC: GEMZ) are available in the company’s newsroom at https://ibn.fm/GEMZ
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