Europe to end reliance on Russian gas under 2027 phaseout plan

Europe is pushing through a final plan to cut off all Russian gas by the end of 2027, according to information from Bloomberg.

Energy ministers from across the EU met on Monday in Luxembourg to agree on the details of a sweeping law that would permanently end the bloc’s use of Russian gas, more than three years after Vladimir Putin’s full invasion of Ukraine triggered the energy breakup.

The ban kicks off with a prohibition on short-term Russian gas contracts starting mid-June, though Hungary and Slovakia, two landlocked countries with no alternatives, will be exempt for now.

That exemption doesn’t extend far; long-term contracts will be banned too, just 18 months later. The law only needs support from a qualified majority of member states, meaning it can still pass even if Hungary or Slovakia votes against it.

Europe secures $750B LNG deal with Trump as Moscow exit accelerates

At the same time, Europe is under pressure from the United States to speed up this exit and buy more American liquefied natural gas instead.

The push comes directly from President Donald Trump, whose administration signed a joint EU-US statement that outlines $750 billion in energy trade between the two sides over the next three years.

Dan Jorgensen, the EU’s energy commissioner, said last week, “We are working closely together with the American administration in the field of energy. We are in the process of diversifying our gas imports.” That “diversification” means dumping Russian gas and going heavier on U.S. LNG, no matter the cost.

The European Parliament still wants more. Members are calling for a faster exit timeline and even a ban on Russian oil imports starting next year, which will be debated later this year. The final version of the law is expected to be ready before 2025 closes. But this isn’t just a political move. It’s about cash.

Russia is still Europe’s second-largest LNG supplier, after the U.S. The EU imports about 15% of its LNG from Moscow, with monthly bills ranging from €500 million ($584 million) to €700 million. These gas payments, critics argue, keep flowing straight into Putin’s war machine.

That’s why the European Commission is also pushing for a ban on Russian LNG imports by the end of 2025, part of the broader RepowerEU plan that’s guiding the bloc’s full detachment from Russian fossil fuels. Leaders are set to meet later this week in Brussels to discuss that part of the plan, along with how the 2027 gas ban lines up with the Trump-LNG deal and other electrification goals.

EU talks technicals, Ukraine’s grid, oil prices, and the Middle East

Back in Luxembourg, ministers are still sorting through technical problems around the gas ban. That includes how gas imports are pre-authorized for entry into the bloc. There’s also a session scheduled to review the energy situation in Ukraine and how that grid might be integrated with the EU’s wider electrification strategy.

Meanwhile, oil markets are bleeding. Brent crude dropped 0.29% to $61.11, while WTI dipped 0.35% to $57.34, both extending a third straight weekly loss of more than 2%. Traders are watching demand slow down and supply ramp up. No one’s buying. Everyone’s stocked.

The International Energy Agency just raised its forecast for global oil supply growth and warned of a supply surplus by 2026. That warning lands while OPEC continues unwinding its earlier production cuts, meaning even more oil is set to hit the market.

On top of that, the Gaza ceasefire has cooled fears of a major Middle East supply disruption, adding to the downward pressure on prices.

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