The European Commission is currently evaluating the feasibility of legislatively banning companies in the European Union from signing new contracts for the purchase of Russian fossil fuels.

This was reported by Reuters, citing a senior European official.

The EU may allow the termination of contracts with Russia

Simultaneously, the European Commission is working on legal options that would permit companies in the EU to dissolve existing gas supply contracts with Russia without incurring penalties.

The European Commission is expected to present possible options on this issue in a "roadmap" planned for May 6. It is noted that among the options, potential trade measures are being considered that could prohibit European companies from entering into new contracts for Russian fuel.

The goal of banning new contracts is to reduce spot purchases of Russian liquefied natural gas (LNG) by European companies.

Previously, the European Commission stated that any potential measures to limit the import of Russian energy resources must adhere to the principle of "harming Moscow more than the EU." The impact on Europe's energy security and fuel prices for consumers will also be taken into account when developing such measures.

Following the publication of the "roadmap" next month, the European Commission plans to discuss the proposed options with member states and EU companies. If the European Commission decides to promote any of the legal instruments (for instance, a ban on new contracts), it will propose corresponding legislative acts.

For their adoption, depending on the type of proposed instrument, approval from the European Parliament and a significant majority of EU member states in the Council of the EU may be required.

The EU plans to unveil a strategy to phase out oil and gas imports from Russia in May

The European Commission intends to present an expanded plan for a phased withdrawal from importing Russian oil products and natural gas in May.

In response to Russia's full-scale aggression against Ukraine, the European Union has committed to stopping the use of Russian fossil fuels by 2027.

Analysts from the Brussels-based research center Bruegel have recommended that the EU consider imposing tariffs on Russian gas imports. A complete withdrawal from Russian natural gas will necessitate increased purchases from alternative suppliers, including the United States.

Currently, the European Union is exploring the option of increasing liquefied natural gas purchases from the United States.