Latest news with #DanJorgensen
DW
12 hours ago
- Business
- DW
Ban on Russian gas imports a 'powerful move' — Dan Jorgensen – DW – 06/18/2025
06/18/2025 June 18, 2025 The EU plans to ban all Russian gas imports by the end of 2027. The ban falls under the bloc's trade policy remit, so no single government can veto the plans. It will also "stand irrespectively of the situation in Ukraine," says European Energy Commissioner Dan Jorgensen.
Qatar Tribune
3 days ago
- Business
- Qatar Tribune
EIB funds France-Spain power link
Agencies The European Investment Bank (EIB) on Monday announced 1.6 billion euros ($1.84 billion) of fresh funding for a major electricity interconnection between France and Spain, fulfilling demands by Madrid and Lisbon after the huge April blackout, which raised concerns over the state of power grids in Europe. Experts believe the severity of one of Europe's largest power outages, which paralysed the entire Iberian Peninsula on April 28, could have been mitigated with more interconnections between the neighboring countries. The EIB said it would provide loans to the Spanish and French grid operators, Red Electrica and RTE, for the Bay of Biscay project, which will almost double power exchange capacity from 2,800 to 5,000 megawatts (MW). The interconnection, already under construction and due to start in 2028, will stretch over 400 kilometers. On Monday, the first tranches of 1.2 billion euros were signed at EIB headquarters in Luxembourg in an event involving the bank's president Nadia Calvino, EU energy commissioner Dan Jorgensen and senior French and Spanish officials. The European Union has set an interconnection target for member states of at least 15% of installed electricity production capacity by 2030 to improve the bloc's energy security. The blackout exposed Spain and Portugal's relative lack of interconnections, with support from France and Morocco playing an important role in restoring power.
Russia Today
3 days ago
- Business
- Russia Today
EU bosses back total Russian gas ban
The European Commission has proposed phasing out all remaining Russian gas imports to the EU by the end of 2027. Energy Commissioner Dan Jorgensen unveiled the plan which would ban new gas contracts with Russia from 2026 and 'full phaseout' a year later, on Tuesday, after it was approved by European Commission President Ursula von der Leyen. The controversial legislation, which is opposed by Hungry, Austria and Slovakia, and reportedly by Italy, is expected to be proposed as trade law that does not require unanimity among bloc members to become law, the Financial Times has reported. Hungarian Foreign Minister Peter Szijjarto called the plan 'absolute insanity,' warning it could fuel price hikes and undermine national sovereignty. Prime Minister Viktor Orban has vowed to block the move. 'Today, we have decided to close the tap on Russian gas,' Jorgensen said in Strasbourg, 'because the less energy we import from Russia, the more security and independence we will have in Europe.' Jorgensen told reporters the phaseout was not linked to the Ukraine conflict but rather because 'Russia has weaponized energy' against the EU. He added: 'Irrespectively of whether there is a peace or not … this ban will still stand.' The proposed regulation will now move through the EU's co-decision legislative process, requiring approval from both the European Parliament and the Council. Unlike sanctions, the proposal would not need unanimous backing from all member states – only a qualified majority in the Council, the Commission said, noting it would continue 'working closely' with governments most affected by the planned phaseout. A reinforced majority means having the support of at least 15 of the EU's 27 member countries, representing at least 65% of the EU's population, according to Reuters. 'Nobody will be able to veto [the proposal],' Jorgensen said, as quoted by media outlets. He warned that those who do not implement the measures would face 'legal consequences as for any other EU legislation.' While pipeline flows have dropped sharply since 2022, EU imports of Russian LNG have soared. Russia supplied 17.5% of the bloc's LNG in 2024, trailing only the US at 45.3%, according to industry data. France, Spain, and Belgium accounted for 85% of the EU's LNG imports from the sanctioned country, according to the Institute for Energy Economics and Financial Analysis (IEEFA). Russia maintains that it is still a reliable supplier, while denouncing Western sanctions and trade restrictions targeting its exports as illegal under international law. The country has successfully shifted exports to 'friendly' markets, it added.
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Business Standard
3 days ago
- Business
- Business Standard
EU plans legally binding ban on Russian gas imports by end of 2027
The European Commission on Tuesday proposed a legally binding ban on EU imports of Russian gas and liquefied natural gas (LNG) by the end of 2027, using legal measures to ensure the plan cannot be blocked by EU members Hungary and Slovakia. The proposals set out how the European Union plans to fix into law its vow to end decades-old energy relations with Europe's former top gas supplier, made after Moscow's 2022 invasion of Ukraine. First, imports would be banned from January 1, 2026, under any Russian pipeline gas and LNG contracts signed during the remainder of this year. Imports under short-term Russian gas deals - defined as those lasting less than one year - signed before June 17, 2025, would be banned from June 17 next year. Finally, imports under existing long-term Russian contracts would be banned from January 1, 2028, effectively ending the EU's use of Russian gas by this date, the Commission said. Hungary and Slovakia, which still import Russian gas via pipeline and have opposed the EU plans, would have until January 1, 2028, to end their imports, including those on short-term contracts. Companies including TotalEnergies and Spain's Naturgy have Russian LNG contracts extending into the 2030s. EU LNG terminals would also be gradually banned from providing services to Russian customers, and companies importing Russian gas would have to disclose information on their contracts to EU and national authorities, Reuters reported previously. EU energy commissioner Dan Jorgensen said on Monday that the measures were designed to be legally strong enough for companies to invoke the contractual clause of "force majeure" - an unforeseeable event - to break their Russian gas contracts. NO VETO Slovakia and Hungary, which have sought to maintain close political ties with Russia, say switching to alternatives would increase energy prices. They have vowed to block sanctions on Russian energy, which require unanimous approval from all EU countries, and have opposed the ban. To get around this, the Commission based its proposed ban on EU trade and energy law - a legal basis that can be passed with support from a reinforced majority of countries and a majority of the European Parliament. About 19% of Europe's gas still comes from Russia, via the TurkStream pipeline and LNG shipments, down from roughly 45% before 2022. To replace Russian supplies, the EU has signalled it will expand clean energy and could import more U.S. LNG. Spain, Belgium, the Netherlands and France import Russian LNG but have all said they fully support the ban, emphasising that it must be sufficiently robust legally to avoid exposing companies to penalties or arbitration, EU diplomats told Reuters. Lawyers have said it would be difficult to eliminate risk for companies if the EU does not use sanctions. "Arbitration is possible. We expect that some of the contract partners ... may try to use the courts," a Commission official said.
Russia Today
3 days ago
- Business
- Russia Today
EU member calls for review of ban on Russian gas
The EU should keep the option of resuming Russian gas imports on the table once a peace deal between Moscow and Kiev is reached, the Austrian energy ministry told the Financial Times on Tuesday. The Austrian proposal, previously voiced by Hungary and Slovakia, comes as the European Commission prepares to bypass member states' vetoes with a trade law bill that would prohibit any new gas deals with Russia and end current deals within two years, regardless of the outcome of peace talks. Brussels 'must maintain the option to reassess the situation' after the Ukraine conflict is resolved, the Austrian ministry told the newspaper. Austrian State Secretary for Energy Elisabeth Zehetner reportedly pleaded with her EU peers at a meeting in Luxembourg on Monday, diplomats with knowledge of the discussions told the FT. This is the first time since the escalation of the Ukraine conflict in February 2022 that an EU country other than Hungary and Slovakia has publicly signaled openness to restoring gas ties with Moscow in the event of a peace settlement. Italy, ranked as a major importer of Russian gas in 2024 by the think-tank Ember, has also floated the option of resuming gas imports once the conflict ends behind closed doors, the newspaper claimed. Bloc officials firmly oppose such a step. A potential peace deal should 'not lead to us starting to import Russian gas again,' EU energy commissioner Dan Jorgensen told the FT on Monday. Russian pipeline gas accounted for more than 40% of EU imports in 2021 but had dropped to about 11% by 2024. Moscow dramatically reduced exports to the bloc in 2022 following Western sanctions and the sabotage of the Nord Stream pipelines. Despite this, EU nations reportedly spent €927.4 million on Russian pipeline gas last December alone, while the bloc's imports of Russian liquefied natural gas (LNG) amounted to €917 million. Both figures were at their highest since the beginning of 2023. Land-locked Austria bought around 80% of its gas from from Russia until last year, when Kiev cut supplies via Ukrainian pipelines. Hungary and Slovakia have previously opposed sanctioning Russian gas imports, which currently require unanimous approval of all member states. Hungarian Foreign Minister Peter Szijjarto has also criticized the proposal to completely phase out Russian gas by 2027 as 'absolute insanity,' warning that it could trigger energy price hikes and seriously undermine the sovereignty of EU member states. Hungarian Prime Minister Viktor Orban has pledged to block the initiative.
