On May 6, the European Union will unveil a roadmap for gradually phasing out purchases of Russian fossil fuels, which is part of its efforts to reduce dependence on Russian gas. According to European Council President António Costa, this step will open new opportunities for importing natural gas from alternative suppliers, including the US.
This is reported by Business • Media
The Role of the US in Liquefied Natural Gas Supplies to Europe
Currently, the United States is the third-largest supplier of liquefied natural gas (LNG) to the European Union. However, the decision to enter into new contracts remains with the companies, which determine their policies based on market prices and long-term agreements. According to Costa, many European companies have signed long-term contracts with Russian suppliers.
“The roadmap being developed by the European Commission will provide European companies with the tools to terminate such contracts,” he stated.
Changes in China’s and Russia’s Energy Policies
While Europe intensifies efforts to replace Russian gas, China has halted LNG purchases from the US after imposing a 15% import tariff. Instead, the country has increased gas supplies from Russia, which has become an important supplier for the PRC. According to reports, last year Moscow delivered 300% more gas to Beijing than the previous year. Additionally, the decrease in Russian gas prices in Europe has allowed Chinese energy companies to save on purchases.