The U.S. has revealed an arrangement with the European Union to reinforce its supply of natural gas as Europe looks to decrease its reliance on Russia. Moscow is the largest provider of natural gas to Europe. Russian exports account for greater than 40% of Europe’s overall energy supply.
However, Russia’s illegal invasion of Ukraine and the resulting sanctions on Russia have actually increased concern over European dependence on energy imports.
Biden announced a ban on Russian oil imports to the U.S. in early March. The European Union has not made a decision to ban imports. The E.U. has vowed to substantially lower imports of Russian gas by the end of 2022 and totally phase out Russian fossil fuels by 2030.
On Friday, the White House announced a task force would be assembled to implement the modifications.
“The Task Force for Energy Security will 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 E.U. in preparation for next winter and the following one while supporting the E.U.’s goal to end its dependence on Russian fossil fuels.”
According to the statement, the U.S. will supply an “additional 15 billion cubic meters of liquefied natural gas this year.”
The action is also being touted as an advancement in Biden’s climate change initiative. The White House stated, “The United States and the European Commission will engage key stakeholders, including the private sector, and deploy immediate recommendations to reduce overall gas demand by accelerating market deployment of clean energy measures.”
Biden has attempted to sell the agreement as a “groundbreaking” new initiative designed to “increase energy security, economic security, and national security” and claimed the move as progress, saying, “It’s a catalyst — a catalyst that will drive the investments we need to double-down on our clean energy goals and accelerate progress toward our net-zero emissions future.”
The statement comes as another possible point of impact on the Russian economic climate as it proceeds to encounter sweeping economic sanctions.
Putin retorted in the press that Russia would demand “unfriendly” nations to pay for natural gas in rubles in order to counter the move and impact western nations.
H/T Timcast
