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EU Proactive Measures Ahead of Russian Gas Transit Halt in Dec 2024

NATURAL GAS

The EU is taking proactive measures ahead of the expected halt to Russian gas transit through Ukraine at the end of 2024 according to EU Commissioner for Energy Kadri Simson.

  • She urged reductions in consumption volumes and market changes from member countries still dependent on Russian gas.
  • The EC is keeping Russian LNG imports “under close review.” EU is expected to import around 20bcm of Russian LNG in 2023 and roughly unchanged from 2022. An additional 20bcm of Russian pipeline gas is expected during 2023 compared to a total of 80bcm of Russia gas and LNG imported last year.
  • “While the current market situation is somewhat healthier, new geopolitical circumstances bring numerous risks, so we must continue to be prepared for crises and extend the preventive measures presented last year,” Simson said. The measures include solidarity among member countries, renewable resource development, and the market correction mechanism.
Energy BulletsCommodities
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