EU's Rushed Ban on Russian Gas May Leave Europe Dependent on US Supplies

The European Union's plan to ban Russian liquefied natural gas (LNG) imports by 2027 has sparked concerns about energy dependence. According to Iván Jiménez, director of the Port of Bilbao, one of Spain's main gateways for LNG shipments, banning Russian gas too quickly could leave Europe heavily reliant on supplies from the United States.

Jiménez supports the EU's aim to end Russian gas purchases but warns that rushing the transition could lead to supply disruptions and price increases. He points out that 27.8% of Spain's gas supply in May came from Russia, while U.S. LNG accounted for only 40% of the port's imports between January and May.

Jiménez also notes that Russian LNG is considered high-quality and often cheaper than competing U.S. cargoes. He believes that Europe needs more time and flexibility to replace Russian volumes without exposing households and industries to supply disruptions or sudden price increases.

The EU has formally approved a gradual prohibition on Russian pipeline gas and LNG imports, with restrictions starting in stages from 2027. Long-term Russian LNG contracts can continue until the beginning of 2027, while pipeline gas covered by long-term agreements will be phased out later that year.