US, EU reach agreement to reduce dependence on Russian gas

Under the agreement reached on March 25, the US will provide the EU with at least 15 billion cubic meters of additional fuel by the end of the year.

The price of liquefied natural gas (LNG) has escalated since the Russia-Ukraine war broke out on February 24. Photo: Reuters

The EU previously announced that, in 2022, the bloc will cut up to two-thirds of Russia’s gas use in response to the country’s opening. offensive campaign in Ukraine. The decision means the bloc’s member states will have to increase imports from other countries and create more renewable energy sources.

Der Spiegel newspaper on March 25 quoted a memo from the German Ministry of Health saying that the country wants to halve its dependence on oil. Russia in the middle of this year as well as no longer importing coal from the country of birch this autumn.

According to the magazine, officials from the German Economy Ministry are “considering options” to set up three floating LNG plants. “The German government is looking at possible locations in the North Sea and Baltic Sea, which could be used in the short term and in some cases immediately for the winter of 2022-2023,” the memo reads.

According to the BBC, the new gas deal was announced just as US President Joe Biden was on a three-day trip to Brussels, Belgium to attend a series of EU and NATO summits to discuss the war in the Middle East. Ukraine as well as making new commitments of support for Kiev.

Russia is currently the main energy supplier to Europe. Moscow’s military campaign in the neighboring country has sent oil and gas prices soaring to record highs, making it difficult for economies that are beginning to recover from Covid-19 around the globe.

Tuan Anh