EU Drafts Rules to Halt Russian Gas Imports

Proposed legislation would allow EU member states to sever ties with Russian gas companies without penalties, reducing Europe's reliance on Russian gas.

• The European Union (EU) is drafting new rules that could enable member states to halt all gas imports from Russia and Belarus.
• The proposed legislation would allow the owners of EU gas import infrastructure to sever ties with companies still importing Russian gas without facing financial penalties for breaking contracts.
• The EU still relies on Russia for about 10% of its gas, most of which is imported via seaborne tankers as liquefied natural gas (LNG).
• The EU has entered the winter with record high gas storage levels and can expect new sources of LNG in the global market in the next two years.
• HSBC analysts predict falling wholesale gas market prices for Europe by 2026 after the startup of new LNG projects in the US and Qatar.

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