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US President Joe Biden and European Commission President Ursula von der Leyen today signed an agreement to reduce oil and gas dependence on Russia.
The panel, chaired by representatives from the White House and the European Commission, will aim to find alternative supplies of liquefied natural gas and reduce overall demand for natural gas from Russia.
The deal will allow the US to provide the EU with at least 15 billion cubic meters of additional fuel – known as LNG – by the end of the year. The bloc has already said it will cut off the use of Russian gas in response to the Russian occupation of Ukraine.
Russia currently supplies about 40% of the EU’s gas needs. Reducing support will mean increasing imports and generating more renewable energy. The long-term goal is to provide, at least by 2030, about 50 billion cubic meters of additional US gas per year.
The agreement was announced today during a three-day visit of US President Joe Biden to Brussels. Mr Biden and European Commission President Ursula von der Leyen discussed the Russian occupation of Ukraine and offered new support to Kiev.
Russia’s war with Ukraine has helped push energy prices to record levels. Energy prices were already rising before the invasion as economies began to recover from the Covid crisis. Europe’s dependence on Russian gas and oil has proved to be a major obstacle to Western efforts to punish Moscow for its occupation of Ukraine. While the US banned Russian imports.
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