Throughout 2024, the European Union paid Russia 23 billion euros for energy resources, despite a significant reduction in their consumption. This information was shared during debates in the European Parliament by European Commissioner for Energy, Dan Jørgensen.
This is reported by Finway
“By 2022, half of the coal we imported into the EU was Russian. We completely stopped imports. The share of oil dropped from 27% to 3%. And finally, regarding gas: from 45% of our gas coming from Russia in 2022 to 13% today. Nevertheless, last year we still paid Russia 23 billion euros for energy imports.”
Jørgensen explained that the European Commission has a plan to gradually exit the EU markets for Russian gas by 2027, and for all other energy sources by 2030. He noted that the main goal is to minimize the negative impact on energy prices, stabilize energy markets, and ensure legal certainty.
European Commission’s Action Plan on Energy Resources
The Commissioner announced new rules that will allow tracking Russian gas in the market. The European Commission expects member states to prepare national plans for the gradual phase-out of Russian energy resources.
“We recommend submitting the first plans this year to ensure that the phase-out is safe and well-prepared. Additionally, we will strengthen control over illegal oil entering the market through Russia’s shadow fleet.”
Dan Jørgensen also stated that these decisions are part of a broader plan for changes in trade relations with Russia amid security risks. He emphasized that he sees no possible scenario for the future use of the “Nord Stream” for transporting Russian energy to Europe.
Phase-Out of Russian Energy Resources
According to media reports, the European Union plans to propose to financiers from the G7 countries to lower the maximum price cap on Russian tanker oil from $60 to $50 per barrel. The European Commission presented an action plan on May 6 for the complete phase-out of the EU from Russian energy resources.
According to the executive body, the EU has managed to reduce the share of Russian gas imports from 45% to 19% thanks to the REPowerEU plan. However, in 2024, there was a resurgence in Russian gas imports, prompting the European Commission to present a roadmap to ensure “complete cessation of the EU’s dependence on Russian energy,” while stabilizing energy supply and prices across the EU.