Candorium Free Members
Join Candorium to access the full article and more
Free Member Benefits:
✔
Comment & Reply✔
Newsletter Access✔
Follow Authors✔
Share via SMS Go Back
US to sign deal with EU to replace Russian gas imports
By Ishika Dangayach - Mar 25, 2022, 10:01 AM ET
Last Updated - Feb 20, 2024, 12:31 PM EST
European Commission aims to replace Russian gas by 2022
Biden and von der Leyen to announce deal Friday morning
President Biden and the European Union announced that the EU will import more natural gas from the United States to reduce the EU's dependence on Russian fuels.
Sponsored
"We are taking further, concrete steps in our energy cooperation to ensure the security of supply and to reduce dependence on Russian fossil fuels," US President Biden and European Commission President Ursula von der Leyen said in a joint statement on Thursday in Brussels.
The European Commission's new energy strategy, unveiled earlier this month, aims to replace 101.5 billion cubic meters of Russian gas by 2022.
However, Russia is the EU's largest natural gas supplier, accounting for more than 40% of imports, and imports from the United States will take time to ramp up.
Biden and von der Leyen had previously said that they would tighten sanctions on Russia and increase humanitarian aid to Ukraine.
"We continue to mobilize and coordinate significant humanitarian relief to support people within Ukraine," Biden and von der Leyen said.
Ukraine to get more than $1 billion in new humanitarian assistance. The US is prepared to provide on top of the nearly "$300 million already contributed and €550 million from the EU."
Picture Credits: Agencia EFE
Sponsored
Read More from Market Analysis
Read More from Investing
Popular News
Latest News
