The European Parliament is considering the possibility of accelerating the European Union’s final withdrawal from importing Russian gas. According to new proposals, EU countries could stop purchasing gas from the Russian Federation by January 2027, a year earlier than previously anticipated by the European Commission’s legal initiative. A complete ban on the import of Russian gas was previously announced to take effect from January 1, 2028.
This is reported by Finway
Gas prices in the EU and Qatar’s reaction
Amid discussions of new energy strategies in Europe, natural gas prices in the European market fell below the €32 per megawatt-hour mark for the first time in three months on June 25. Futures prices reached €31.92 per megawatt-hour, which is 1.3% lower compared to the previous day.
At the same time, Qatar, the world’s third-largest exporter of liquefied natural gas after the USA and Australia, announced a possible shift in LNG supply directions. Qatar threatens to redirect supplies from the EU to other markets in response to a new EU directive that requires large companies operating in the EU to identify and address human rights and environmental issues in their supply chains.
“Qatar threatens to redirect liquefied natural gas supplies from the EU to alternative markets in response to the bloc’s directive requiring large companies operating in the European Union to identify and address human rights and environmental issues in their supply chains.”
Restrictions on oil exports from Russia
In parallel with these events, the Russian Federation has temporarily suspended the loading of foreign oil tankers in its main Black Sea ports. New requirements mandate that all vessels obtain permission from the FSB, which could potentially impact the supply of about 2% of global oil volumes to the world market.