EU plans to cut two thirds of Russia gas imports by year-end
The European Commission is going to submit a plan to replace Russian natural gas with other sources later this month, said European Commissioner for Energy Kadri Simson on Tuesday.
Speaking at a European Parliament plenary session, Simson said the European Union plans to replace two-thirds of natural gas imported from Russia by the end of this year.
She said the EU had approached all major suppliers to find alternative sources of natural gas. The plan also includes the use of more renewable energy to replace natural gas, as well as a series of energy-saving measures.
For Europe, the consequences of weaning off energy from Russia could be dire, as the continent is relying on Russian energy to heat its buildings, power its industry and generate electricity.
Earlier this month, the International Monetary Fund slashed its euro-area growth forecast for 2022 by over one percentage point to 2.8-per cent, citing rising global energy prices and energy insecurity.
The EU's biggest economy, Germany, would not be able to cope with stoppages in Russian gas supplies, as Moscow accounts for 55 per cent of all German gas imports.
The German central bank Bundesbank has warned that an immediate EU ban on Russian gas imports would dent Germany's GDP by 5 per cent this year.