EU Mulls Phasing Out Russian LNG a Year Earlier Than Planned

(Bloomberg) -- The European Union is considering measures to accelerate the bloc’s phaseout of Russian liquefied natural gas a year earlier than planned, according to people familiar with the matter.

The European Commission, the bloc’s executive arm, is considering including a provision in its new sanctions package to move the LNG phaseout date up, said the people, who spoke on the condition of anonymity. The EU will propose its new sanctions as early as Friday.

The EU is weighing a separate option to accelerate the termination date though an amendment to the bloc’s so-called RePowerEU plan, which maps out an end to reliance on Russian energy, according to the people. 

The shift comes just days after US President Donald Trump called on the EU to do more to curb Moscow’s energy trade. 

The global gas market is expected to start shifting into a surplus in the second half of next year, reducing the risk that the phaseout of Russian gas could put pressure on European supplies and lead to price spikes. This will be a key factor for the EU to determine a new phaseout date.

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