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You can see other videos from our team by tapping here. After a day of three summits in the city in which leaders lambasted Russia's invasion of Ukraine and offered new support to Kyiv, a new pact, announced by Biden to Europe, is due to a visit to the U.S. to sell more LNG to Europe. Biden told reporters that they were coming together to reduce Europe's dependence on Russia's energy. We should not subsidize Putin's brutal attack on Ukraine. Russia supplies 40 per cent of the European Union's gas needs and more than a quarter of its oil imports. As you know, we want to reduce our dependence on Russia, EU Commission chief Ursula von der Leyen told Biden at the joint news conference. She said that the U.S. commitment to provide the EU with additional 15 billion cubic meters of LNG this year is a big step in this direction. Because U.S. plants are already producing LNG at full capacity, analysts said most of the additional gas going to Europe would have to come from exports that would have gone to other parts of the world. By at least 2030, the long-term goal would be to have at least 50 bcm of additional U.S. LNG per year, according to von der Leyen and Biden. The invasion of Europe's top gas supplier pushed already-high energy prices to records and prompted the EU to cut Russian gas use by two-thirds this year by boosting imports from other countries and boosting renewable energy. EU leaders will talk about what they can do to curb high energy bills on Friday. Belgium Prime Minister Alexander De Croo told reporters on arrival for a second day of a summit of EU leaders that the EU is not only about big principles, big meetings and American presidents.
Spain, Greece and others will make their case for power price caps and market intervention, while a group that includes Germany and Netherlands will push back and try to delay such moves, diplomats said. There is a divisive issue of whether to impose an embargo on Russian energy, on top of the slew of sanctions already targeted at Moscow, but no decision is expected.
Germany is not willing to take a step that would have a major economic impact, because most of those who depend on it are most reticent to take a step that would have a major economic impact. The 27 leaders will commit to buying gas and fill storage ahead of winter to build a buffer against supply shocks.