EU to set 2027 deadline for severing energy contracts with Russia

The European Commission will require EU companies to end all energy contracts with Russia by 2027, a move aimed at reducing dependency on Russian fossil fuels following the invasion of Ukraine.

The plan mandates the termination of spot market gas contracts by the end of 2023 and all long-term contracts by 2027, while facing opposition from Hungary and Slovakia who argue that sanctions would raise energy prices.

Additionally, the proposal seeks greater oversight of commercial contracts to trace Russian fuel buyers and signals a readiness to increase imports of U.S. LNG.

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