US, EU sign deal to reduce Europe’s reliance on Russian gas

President Joe Biden and the European Union have announced a liquefied natural gas (LNG) deal to reduce Europe’s reliance on Russian fossil fuels. 

The deal was announced on Friday during a three-day visit by the United States president to Brussels, Belgium. 

The United States had banned the importation of coal, gas, and oil from Russia amid the invasion of Ukraine.

The new development is on the back of Russia’s invasion of Ukraine amid Western sanctions to weaken the economic position of the Kremlin.

It said the task force, aimed at strengthening European energy security, would be chaired by a representative from the White House and a representative of the President of the European Commission. 

“It will work to ensure energy security for Ukraine and the EU in preparation for next winter and the following one while supporting the EU’s goal to end its dependence on Russian fossil fuels,” the statement reads. 

It said the task force would organise its efforts around two primary goals, including diversifying liquefied natural gas (LNG) supplies in alignment with climate objectives and reducing demand for natural gas.

“The United States will work with international partners and strive to ensure additional LNG volumes for the EU market of at least 15 bcm in 2022, with expected increases going forward,” it said. 

It also said the US and the European Commission would undertake efforts to reduce the greenhouse gas intensity of all new LNG infrastructure and associated pipelines, including through using clean energy to power onsite operations, reducing methane leakage, and building clean and renewable hydrogen-ready infrastructure.

Russia accounted for about 45 percent of the EU’s gas imports and 40 percent of its gas consumption.