Advertisements

EU May Reconsider Russian Gas Ban if Peace Achieved

by Amelia

The European Union should remain open to revisiting its planned ban on Russian gas imports if a peace agreement is achieved between Russia and Ukraine, a senior Austrian energy official stated.

Advertisements

As part of efforts to end its reliance on Russian energy, the European Commission is preparing to propose a ban this week on new natural gas supply contracts with Russia. Unlike previous measures requiring unanimous approval from all member states, this ban is expected to be based on trade law and would only need a majority vote.

This phase-out aligns with the EU’s recently unveiled roadmap to end dependency on Russian energy imports. However, Elisabeth Zehetner, Austria’s State Secretary for Energy, told that the EU “must maintain the option to reassess the situation once the war has ended.”

Advertisements

Speaking ahead of a summit of EU energy ministers on Monday, Zehetner emphasized, that “when the war is finally over, that is something we should take into account in our evaluation of the situation then.”

Advertisements

At a closed-door meeting of EU energy ministers, Zehetner reaffirmed Austria’s position that the proposed ban should be reconsidered if a peace deal is reached between Russia and Ukraine, according to EU diplomats. She added that Austria was the only member state to request this review.

Advertisements

Meanwhile, the European Commission is reportedly working to avoid vetoes from Hungary and Slovakia, who oppose the ban. By grounding the ban in trade law, the Commission aims to secure approval from a majority of member states rather than requiring unanimity.

Officials familiar with the Commission’s plans told that Hungary and Slovakia would receive exemptions allowing them to gradually phase out existing Russian gas contracts by 2027.

The developments highlight ongoing divisions within the EU over energy policy as the bloc balances geopolitical pressures with internal consensus.

Advertisements
Advertisements

You may also like

blank

Welcome to our Crude Daily Oil Futures! We’re your premier destination for all things related to the crude oil industry. Dive into a wealth of information, analysis, and insights to stay informed about market trends, price fluctuations, and geopolitical developments. Whether you’re a seasoned trader, industry professional, or curious observer, our platform is your go-to resource for navigating the dynamic world of crude oil.

© 2024 Copyright  dailyoilfutures.com