FX.co ★ EU Proposes Early Ban on Russian Gas in New Sanctions Push

The European Union has announced plans to expedite the cessation of Russian gas imports, targeting a complete halt to liquefied natural gas supplies from Russia by January 2027. This initiative forms part of the EU's 19th sanctions package since Russia's 2022 incursion into Ukraine, aimed at undermining Russia’s military funding while also responding to pressure from former U.S. President Donald Trump. This package specifically targets companies, banks, and traders in China, India, and other nations accused of facilitating Russia in evading existing sanctions. According to the European Commission, “This proposal requires unanimous consent from all 27 member states.” The EU has already reduced its Russian oil imports significantly, from 29% in early 2021 to a mere 2% projected by mid-2025. These newest measures illustrate both Washington's advocacy for a total fossil fuel embargo and Brussels's attempts to urge Trump to take a stronger position against Moscow.