OREANDA-NEWS The European Union has prepared a bill that will allow member states to independently block gas imports from Russia, the Financial Times reports, citing a document that has been made available to the publication.

The FT clarified that, according to the draft law, EU member states are proposed to be given the right to prohibit Russian and Belarusian companies from buying capacity in their gas pipelines and liquefied gas terminals. A senior EU official told the newspaper that this measure would allow European energy companies to terminate contracts with Russian gas suppliers without paying significant compensation.

The FT expects the representatives of the member states in the European Parliament to approve the text of the initiative today, December 8. The publication recalled that the EU also proposes to extend measures to stabilize gas prices and reduce gas consumption. EU energy ministers will discuss this issue on December 19.

The EU plans to completely eliminate fossil fuel supplies from Russia by 2027. According to Eurostat, in the third quarter of 2023, Russian gas accounted for about 12% of total gas imports to the European Union. Austria and Hungary, in particular, still largely depend on gas supplies from Russia. In November, Russian LNG exports to Europe turned out to be the highest in history — 1.75 million tons. Spain and Belgium are among the largest importers of LNG from the Russian Federation.