UPDATE 1-Europe reaches deal on phasing out Russian gas imports by 2027

The European Council said on Wednesday it reached an agreement with the European Parliament on phasing out Russian gas imports by 2027 as part of an effort to end dependency on Russian energy.

The agreement will include a legally binding, stepwise prohibition on liquefied natural gas (LNG) and pipeline gas imports from Russia with a full ban from the end of 2026 and autumn 2027, respectively. As of October, Russia accounted for 12% of EU gas imports, down from 45% before its 2022 invasion of Ukraine, with Hungary, France and Belgium among the countries still receiving Russian gas.

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