European Parliament seeks to accelerate the elimination of Russian oil and gas.

Source: Global Market Broadcast

　　The European Parliament is considering speeding up the elimination of Russian oil and gas imports in order to completely get rid of its dependence on Russia. Russia was once the largest energy supplier in the European Union.

　　According to people familiar with the matter, the Industry Committee of Parliament will vote on the amendments to RePowerEU regulations, including stopping the import of Russian petroleum and petroleum products from the beginning of 2026 and completely banning the import of natural gas one year later.

　　This move will synchronize the termination of pipeline natural gas imports with the ban on maritime imports already set in the EU’s proposed sanctions program. However, the sanctions are temporary in nature, and RePowerEU is another long-term plan aimed at completely getting rid of dependence on Moscow.

　　The global natural gas market is expected to turn to oversupply in the second half of next year, reducing the risk that the European Union’s phasing out of Russian gas will put pressure on supply and push up prices. This will help ensure that a comprehensive and lasting break with Russia will gain broad political support.

　　The European Commission originally proposed to stop Russian pipeline gas supply by the end of 2027. According to an insider who did not want to be named because the consultation was closed, members of several political groups in the parliament have supported an earlier elimination schedule.

　　According to the amendment of RePowerEU regulations, new purchases will be banned from early next year, while existing short-term contracts can be exempted until mid-June and long-term contracts can be exempted until January 1, 2027.

　　The long-standing policy of the EU is not to comment on the draft regulations.

　　Petroleum and products

　　In a vote scheduled for October 16th, the committee will also seek to ban the import of Russian petroleum and petroleum products from the beginning of next year. In the original proposal, the Committee did not set a specific date for phasing out oil, but asked member States to make plans for diversification of supply.

　　At present, RePowerEU is under simultaneous deliberation at the level of the European Parliament and member states. Once the parties determine their negotiating positions, they will hold consultations with the European Commission to finalize the final version of the regulations.

　　The sanctions plan proposed last month requires the unanimous consent of 27 member States, while RePowerEU only needs qualified majority support in the Council of the European Union and majority support in the Parliament.