The European Commission is currently exploring the possibility of legally prohibiting companies in the EU from signing new contracts for the purchase of Russian fossil fuels.
This was reported by Reuters, citing a senior European official.
EU May Allow Termination of Contracts with Russia
Simultaneously, the European Commission is working on legal options that would permit companies in the EU to terminate existing gas supply contracts with Russia without incurring penalties.
It is expected that the European Commission will outline possible options on this matter in a "roadmap" scheduled for release on May 6. It is noted that potential trade measures are being considered that could prohibit European companies from entering into new contracts for Russian fuel.
The aim of the new contract ban is to reduce spot purchases of Russian liquefied natural gas (LNG) by European companies.
Earlier, the European Commission stated that any potential measures to restrict imports of Russian energy resources must adhere to the principle of "harming Moscow more than the EU." Additionally, the impact on Europe's energy security and fuel prices for consumers must be taken into account when developing such measures.
Following the publication of the "roadmap" next month, the European Commission plans to discuss the proposed options with EU member states and companies. If the EC decides to promote any of the legal instruments (such as a ban on new contracts), it will propose corresponding legislative acts.
For their adoption, approval may be needed from the European Parliament and a significant majority of EU member states in the EU Council, depending on the type of proposed instrument.
EU Plans to Announce Strategy for Phasing Out Russian Oil and Gas Imports in May
The European Commission intends to present an expanded phased plan for phasing out the import of Russian oil products and natural gas in May.
In response to Russia's full-scale aggression against Ukraine, the European Union committed to cease the use of Russian fossil fuels by 2027.
Analysts from the Brussels-based research center Bruegel recommended that the EU consider imposing tariffs on Russian gas imports. A complete phase-out of Russian natural gas will necessitate increased purchases from other suppliers, including the United States.
Currently, the European Union is considering the option of increasing imports of liquefied natural gas from the United States.