EU's Bold Move: Phasing Out Russian Energy by 2028

EU energy ministers have moved to phase out Russian oil and gas imports by 2028, aiming to reduce Kremlin revenue used for the war in Ukraine. The proposal, which still requires negotiation with the European Parliament, grants specific flexibilities for Hungary and Slovakia.

In a significant decision, EU energy ministers supported a proposal to eliminate Russian oil and gas imports by January 2028, as announced by the Council of the European Union.

This move, approved during a meeting in Luxembourg, includes phasing out new Russian gas import contracts from January 2026, with short-term contracts ending by June 2026 and long-term contracts by January 2028. The proposal now requires final negotiations with the European Parliament.

The EU seeks to cut Russian energy imports to prevent funds from reaching Kremlin's war efforts in Ukraine. Despite declining to 12% from 45%, Russian gas still flows to EU countries such as Hungary, France, and Belgium.

(With inputs from agencies.)