US, EU agree increased LNG exports to cut reliance on Russia supply

by | Mar 25, 2022

Share this article

The US and EU on Friday struck a deal to increase exports of liquefied natural gas (LNG) to the block and cut its dependence on Russian energy.
US President Joe Biden and his European Commission counterpart Ursula von der Leyen said the deal would see LNG shipments to Europe rise by 15 billion cubic metres this year.

“This will replace the LNG supply we currently receive from Russia, and looking ahead, the United States and Europe will ensure stable demand and supply for an additional at least 50 billion cubic metres of US LNG until 2030,” von der Leyen said, saying that amount would replace one-third of Russian gas imports.

“We are right on track now to diversify away from Russian gas,” she said.


The deal should help resolve some of the splits among EU leaders over whether to impose an energy embargo on Russia after its invasion of Ukraine.

Almost 40% of the EU’s natural gas comes from Russia.

“I know that eliminating Russian gas will have costs for Europe but it’s not only the right thing to do from a moral standpoint, it’s going to put us on a much stronger strategic footing,” Biden said.


The US and EU announcement came after NATO, the G7 and European Union all held summits on Thursday.

Biden travelled to Brussels for the meetings and will head to Rzeszów in Poland later on Friday before travelling to Warsaw where he will meet with Polish President Andrzej Duda.

Biden said that the European Commission will work to build more infrastructure and increase the efficiency of gas.


Share this article

Related articles

UK inflation hits 40-year high of 10.1%

UK inflation hits 40-year high of 10.1%

Higher food prices helped push up inflation in September, official data showed on Wednesday, to a record 10.1%. According to the Office for National Statistics, the consumer price index rose by 10.1% in the 12 months to September, compared to August's rate of 9.9%....

Reports of delay to bond sale ‘inaccurate’ – BoE

Reports of delay to bond sale ‘inaccurate’ – BoE

The Bank of England appeared to deny reports on Tuesday that it wanted to delay selling billions of pounds of government bonds. The central bank acquired £838bn of gilts during its quantitative easing programme. It had intended to start selling them on 6 October, but...

Trending articles

IFA Talk logo

IFA Talk is our flagship podcast, designed to fit perfectly into your busy life, bringing the latest insight, analysis, news and interviews to you, wherever you are.

IFA Talk Podcast - listen to the latest episode