EU Moves Ahead With Plan to Phase Out Russian Gas

The European Union appears poised to move ahead with plans to phase out Russian gas imports by the end of 2027. Earlier this year, the EU delayed releasing its “road map” for ending purchases of Russian fossil fuels to assess the impact of US efforts to end the war in Ukraine.

EU officials plan to propose in June a ban on all gas purchases under new deals with Russia and existing spot contracts, which account for about a third of imports. The European Commission will also adopt measures next month to end the remaining imports of Russian pipeline and LNG gas tied up in long-term contracts.

Ending Europe’s longstanding reliance on Russian gas will open the door for more LNG imports from the US, which President Donald Trump and the previous Biden administration have sought. The EU is said to expect the bloc to be largely shielded from any price increases as a wave of new LNG supply hits the global market in coming years.

Austria’s Erste Group Bank agreed to buy much of Banco Santander’s operations in Poland for about €7 billion ($7.9 billion), its biggest deal ever. The transaction involves acquiring 49% of Santander Bank Polska and taking full ownership of the Spanish lender’s Polish asset management unit. The deal cements Erste’s position as the biggest bank in Central and Eastern Europe, and frees Santander up to pivot toward the Americas.