financetom
Business
financetom
/
Business
/
Exclusive-EU could quit Russian gas within a year, US energy chief says
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Exclusive-EU could quit Russian gas within a year, US energy chief says
Sep 12, 2025 4:23 AM

BRUSSELS (Reuters) -The European Union could phase out Russian gas within six to 12 months by replacing it with U.S. liquefied natural gas, and the United States communicated this position to EU officials this week, U.S. energy secretary Chris Wright told Reuters on Friday.

Wright was speaking in Brussels, where he met EU energy commissioner Dan Jorgensen on Thursday to discuss ending Europe's purchases of Russian energy. The EU is negotiating legal proposals to phase out imports of Russian oil and gas by January 2028, with a ban on short-term contracts kicking in from next year.

"I think this could easily be done within 12 months, maybe within six months," Wright said, of how quickly the EU could phase out Russian gas.

"I definitely voiced the opinion we could do it faster. On the U.S. side, we could do it faster, and I think it would be good if those dates were moved up even more. I don't know that that's going to happen, but that was dialogued," he said, referring to his meeting with Jorgensen.

A European Commission spokesperson did not immediately respond to a request for comment.

The U.S. is ramping up pressure on Europe to cut off energy revenue to Moscow, seeking to end the war in Ukraine. As Russia's most lucrative export, its fuel revenue has helped fund the war.

Jorgensen said on Thursday it was unacceptable the EU continued to import Russian energy - but that the 2028 phase out was ambitious and would ensure EU countries do not face energy price spikes or supply shortages in the meantime.

EU Commission President Ursula von der Leyen said this week the bloc was considering a faster phase-out of Russian fossil fuels as part of new sanctions against Moscow, without specifying how Brussels would do this.

New sanctions require unanimous approval from all 27 EU members. Hungary and Slovakia have so far opposed sanctions on Russian gas - which is why the EU proposed the 2028 phase out, in a law which can be approved by a reinforced majority of EU countries.

"The faster we phase out, the sooner you put pressure on Russia," Wright said.

Europe is expected to purchase around 13% of its gas from Russia this year, down from roughly 45% before Russia's full-scale invasion of Ukraine in 2022, according to EU figures.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
AvidXchange Reports Q1 Breakeven Earnings as Revenue Rises; 2024 Sales Guidance Lifted
AvidXchange Reports Q1 Breakeven Earnings as Revenue Rises; 2024 Sales Guidance Lifted
May 8, 2024
09:02 AM EDT, 05/08/2024 (MT Newswires) -- AvidXchange Holdings ( AVDX ) reported Q1 breakeven earnings Wednesday compared with a loss of $0.08 per share a year earlier. Analysts polled by Capital IQ expected a loss of $0.03 per share. Revenue for the quarter ended March 31 was $105.6 million, up from $86.8 million a year earlier. Analysts surveyed by...
Open Text Says Completed US$2 Billion Debt Reduction
Open Text Says Completed US$2 Billion Debt Reduction
May 8, 2024
09:02 AM EDT, 05/08/2024 (MT Newswires) -- Open Text Corporation ( OTEX ) announced Wednesday that, as previously indicated, it completed its US$2 billion debt reduction using the net proceeds from its AMC divestiture, which reflects $940 million paid to terminate the company's Term Loan B due 2025 and $1.06 billion to reduce amounts outstanding under its Acquisition Term Loan...
Wells Fargo names former JPMorgan executive as co-head of investment bank
Wells Fargo names former JPMorgan executive as co-head of investment bank
May 8, 2024
May 8 (Reuters) - Wells Fargo ( WFC ) named former JPMorgan Chase executive Fernando Rivas as co-CEO of its corporate and investment banking (CIB) on Wednesday, as it looks to expand market share on Wall Street. Rivas most recently served as the head of North American investment banking at JPMorgan. His career at the largest U.S. bank by assets...
Office Depot Parent ODP Boosts FY24 EPS Outlook Despite Bumpy Q1 Ride: Details
Office Depot Parent ODP Boosts FY24 EPS Outlook Despite Bumpy Q1 Ride: Details
May 8, 2024
The ODP Corporation ( ODP ) shares are trading lower after the company reported first-quarter FY24 earnings below street view. The company reported a first-quarter FY24 sales decline of 11% year-on-year to $1.87 billion, missing the analyst consensus estimate of $1.96 billion. The decrease in reported sales is largely related to lower sales in its Office Depot Division, primarily due to 56 fewer retail...
Copyright 2023-2026 - www.financetom.com All Rights Reserved