Europe Accelerates Phaseout of Russian Gas, Pivots to US LNG in $750B Deal
EU energy ministers finalized a sweeping plan to end reliance on Russian gas by 2027, with short-term contract bans effective mid-June. Hungary and Slovakia secured temporary exemptions due to infrastructure constraints, but all long-term contracts face termination within 18 months. The policy requires only qualified majority approval, sidelining potential opposition from Moscow-aligned member states.
Concurrently, the bloc inked a $750 billion LNG supply agreement with the TRUMP administration, accelerating its energy decoupling from Russia. EU Energy Commissioner Dan Jorgensen confirmed the strategic shift toward American suppliers, framing it as essential for import diversification despite higher costs. The deal locks in three years of accelerated US energy exports to Europe.
