US, EU set up task force to move Europe away from Russian fuel amid gas crisis

Given its major dependence on Moscow, Europe faces a major task in substituting Russian gas supplies.

Brussels:

The US and the European Union on Friday announced a task force aimed at reducing Europe’s dependence on Russian fossil fuels in the event of Moscow’s war on Ukraine.

The initiative, being unveiled by President Joe Biden and EU chief Ursula von der Leyen, will work with partners to supply an additional 15 billion cubic meters of liquefied natural gas to Europe this year, a statement said.

The push comes as EU member states dispute the bloc’s call to impose sanctions on Russia’s key energy exports to punish President Vladimir Putin for an invasion of Ukraine.

The Baltics and Poland are urging their counterparts to pull the trigger, but others, including economic powerhouse Germany, are reluctant to impose an abrupt breakdown given their reliance on Russian gas imports.

Germany said on Friday it was drastically reducing its energy purchases from Russia amid Moscow’s invasion of Ukraine, halving oil imports by June and ending coal deliveries by autumn.

The European Union has announced ambitious plans to cut its imports of Russian gas by two-thirds this year and eliminate imports entirely before the end of the decade.

The EU executive as part of the task force said it would work with member states “towards the goal of ensuring, at least by 2030, a demand for approximately 50 BCM/year of additional US LNG”.

“This task force for energy security will be chaired by a representative from the White House and a representative of the President of the European Commission,” the statement said.

“It will serve to ensure energy security for Ukraine and the EU in preparation for next winter and the following one while supporting the EU’s goal of ending its reliance on Russian fossil fuels.”

Europe faces a major task in substituting Russian gas supplies, with Moscow supplying about 150 billion cubic meters of gas each year.

US gas supplies to the EU accounted for 6.3 percent in the first half of 2021, says the bloc’s statistics agency.

(Except for the title, this story has not been edited by UttarPradeshLive.Com staff and is published from a syndicated feed.)