Brussels: The European Council and the European Parliament have reached a provisional agreement to phase out Russian natural gas imports by 2027. The deal, confirmed on Wednesday, outlines a legally binding prohibition on liquefied natural gas (LNG) and pipeline gas imports from Russia, with a complete ban set for the end of 2026 and autumn 2027, respectively.

According to Anadolu Agency, the agreement is part of an effort to create a more resilient and independent EU energy market. The regulation stipulates that imports of Russian pipeline gas and LNG will be banned six weeks after the regulation comes into force, allowing a transition period for existing contracts.

The regulation mandates EU member states to develop national diversification plans to outline strategies for diversifying gas supplies and addressing anticipated challenges. These plans are crucial to achieving the goal of ending Russian gas imports within the specified timeframe.

Moreover, the agreement enhances the European Commission's oversight responsibilities, requiring member states to inform the Commission within one month of the regulation's enactment if they have ongoing Russian gas supply contracts or national legal bans.

A "suspension clause" remains in the regulation, permitting a temporary halt if unforeseen events threaten the energy supply in any member state. The conditions under which the Commission can lift the import ban have been made more stringent, allowing it only in necessary cases, such as an emergency declaration by a member state, and strictly for short-term supply contracts.

The provisional deal is pending approval by both the European Council and the European Parliament before it can be formally adopted.