EU needs to prepare for Russian gas cut

The European Union needs to make emergency plans to prepare for a complete cut off of Russian gas in the wake of the war in Ukraine, according to Ursula von der Leyen.

The EU is gearing away from Kremlin-controlled deliveries and has already imposed sanctions on Russia, including on some energy supplies.

The EU's executive branch said the bloc needed to be prepared for shock disruptions coming from Moscow.

Ms von der Leyen told the EU's legislature in Strasbourg, France, that we need to prepare now for further disruption of gas supply and even a complete cut-off of Russian gas supply.

She said that a dozen members have already been hit by reductions or full cuts in gas supplies as the political standoff with Moscow over the Ukraine invasion intensifies.

It is obvious that Putin is using energy as a weapon. She said that the commission is working on a European emergency plan.

The EU countries agreed last month that all natural gas storage in the bloc should be topped up to at least 80 per cent capacity for next winter to avoid shortages during the cold season.

The new regulation states that underground gas storage on EU soils will need to be filled to 90 per cent capacity by the end of the year 2023 -- 24 winter.

The EU has relooked its energy policies and sever ties with Russian fossil fuels because of the war in Ukraine.

By the end of the year, member countries will be able to ban 90 per cent of Russian oil, in addition to a ban on imports of Russian coal that will start in August.

The EU has not included gas, a fuel used to power factories and generate electricity, in its own sanctions for fear of serious harm to the European economy.

Before the war in Ukraine, it relied on Russia for 25 percent of its oil and 40 percent of its natural gas.

In order to slash its use of Russian energy, the European Commission has been diversifying suppliers.

Ms von der Leyen said that our efforts are already making a big difference.

Since March, global LNG exports to Europe have risen by 75 per cent compared to 2021. LNG exports from the US to Europe have nearly tripled. Ms von der Leyen said that the average monthly import of Russian pipeline gas is down 33 per cent compared to last year, as she called for a faster transition to renewable sources of energy.

Some say that we have to slow down the transition in the new security environment after Russia's aggression. They say that the transition would come at the cost of basic security. She said the opposite is true.

If we do nothing but compete about limited fossil fuels, the prices will explode and fill Putin's war chest.

The EU CouncilEU Council agreed last month to raise the share of renewables in the bloc's energy mix to at least 40 per cent by 2030, up from the previous target of 32 per cent.

For the first time, a 9 per cent energy consumption reduction target for 2030 will be binding on all EU member states.