EU's Shift from Russian Gas to U.S. LNG: Timelines and Challenges

The European Union could transition away from Russian gas within six to 12 months, substituting it with U.S. liquefied natural gas (LNG), U.S. Energy Secretary Chris Wright noted during discussions in Brussels. The move aims to cut Moscow's energy revenue amidst the ongoing conflict in Ukraine.

Wright, after meeting with EU Energy Commissioner Dan Jorgensen, expressed the notion that the transition could happen even faster given the U.S.'s capacities. This aligns with the EU's legal proposals aiming to end Russian oil and gas imports by 2028, starting with a ban on short-term contracts from next year.

Despite opposition from Hungary and Slovakia, the EU is drafting sanctions that require unanimous approval to phase out Russian energy imports. Analysts suggest that with government intervention, a faster shift to renewables and alternative energy sources, like U.S. LNG, could be viable, contingent on global market dynamics.

(With inputs from agencies.)