European Parliament approves start of negotiations on ban on import of Russian gas and oil

MEPs are ready for negotiations with the EU Council on a ban on Russian gas and oil imports, the European institution announced on Wednesday, UNN reports.

Details

"On Wednesday, the European Parliament supported the decision to start negotiations with the Danish Presidency of the Council (EU) on a ban on Russian gas and oil imports, proposed by the committees on international trade and industry, research and energy, which adopted their position on this issue on October 16," the statement said.

The relevant legislation, as stated, is aimed at protecting the EU's interests from the Russian Federation's use of energy resources for military purposes.

Negotiators from the European Parliament and the EU Council, it is noted, will begin discussions to reach an agreement in the first reading, against the backdrop of EU ministers adopting their common position on Monday.

EU countries reach agreement on ban of Russian gas by end of 202720.10.25, 13:33 • 3568 views

Context

This legislation, it is reported, is being adopted in response to Russia's systematic weaponization of energy supplies, which has been observed for almost two decades and escalated after Russia's full-scale invasion of Ukraine in 2022. The military invasion was accompanied by further deliberate market manipulation, including Gazprom's unprecedented underfilling of EU storage facilities and sharp pipeline shutdowns, which led to energy prices rising up to eight times compared to pre-crisis levels, the European Parliament noted.