EU Plans Accelerated Russian LNG Phaseout by 2027 Amid Global Supply Surplus

The European Commission is preparing to propose an accelerated ban on imports of Russian liquefied natural gas (LNG), moving the phase-out date from the end of 2027 to January 1, 2026, as part of its 19th sanctions package against Russia. This move follows increased pressure from U.S. President Donald Trump, who has urged the EU to more aggressively restrict Moscow's energy trade and impose tariffs on countries like India and China for their purchases of Russian fossil fuels. While some EU countries oppose tariffs on third countries, the focus has shifted to targeting Russian LNG imports, considered a more feasible approach. The accelerated phase-out aligns with the EU's RePowerEU plan, aimed at reducing dependency on Russian energy, and is expected to be presented to member states imminently. Forecasts suggest the global gas market will enter a surplus in the latter half of next year, mitigating risks of supply shortages and price spikes amid the transition. Spain has supported the faster phase-out, noting increased LNG imports from the U.S. as a positive step away from Russian energy reliance.