Commodities Buzz: European Commission puts forward proposal to gradually stop import of Russian gas and oil into EU by end of 2027

The European Commission has put forward a proposal to gradually and effectively stop the import of Russian gas and oil into the EU by the end of 2027. This will help the EU become more energy independent, improve the security of the energy supply, and boost the Union's energy independence and competitiveness. This proposal follows the REPowerEU roadmap, the EU?s strategy to completely remove Russian oil, gas and nuclear energy imports from EU markets. It includes steps for phasing out pipeline gas and liquefied natural gas (LNG), as well as measures to facilitate the complete stop of Russian oil imports by the end of 2027.

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