The European Union will present a roadmap on May 6 for the gradual cessation of purchases of Russian fossil fuels. According to European Council President António Costa, approaches to imports from Russia to the EU will continue to evolve.
This is reported by Finway
“This creates space in the market for imports from other suppliers, which means new opportunities for the United States,” Costa noted.
Currently, the United States ranks third among suppliers of liquefied natural gas (LNG) to Europe. However, decisions regarding new gas purchase contracts depend on companies and their market strategies. Costa emphasized that many European firms have long-term contracts with Russia. The roadmap being prepared by the European Commission will provide companies with the opportunity to terminate such agreements.
At the same time, China has decided to halt LNG imports from the US following the imposition of a 15% tariff on its supplies and will increase gas purchases from Russia. Last year, gas supplies from Moscow to Beijing rose by 300% compared to American deliveries. Europe’s rejection of Russian gas has also led to a decrease in its price, allowing Chinese energy companies to save on purchases.