Brussels [Belgium], January 27 (ANI): The 27 member states of the European Union formally adopted the regulation on phasing out Russian imports of both pipeline gas and liquefied natural gas (LNG) into the EU on Monday.

In a statement shared by the EU Council, it was mentioned that the new rules also include measures on effective monitoring and diversification of energy supply.

As per the regulation, importing Russian pipeline gas and LNG into the EU will be prohibited.

'The ban will start to apply six weeks after the regulation enters into force. Existing contracts will have a transition period. This stepwise approach will limit the impact on prices and markets. A full ban will take effect for LNG imports from the beginning of 2027 and for pipeline gas imports from autumn 2027', the statement said.

It further noted that before authorising entry of gas imports into the Union, EU countries will verify the country where gas was produced.

Non-compliance with the new rules may result in maximum penalties of at least EUR 2,5 million for individuals and at least EUR 40 million for companies, at least 3,5 % the company's total worldwide annual turnover, or 300 % of the estimated transaction turnover, the statement added.

It also noted that by 1 March 2026, 'EU countries must prepare national plans to diversify gas supplies and identify potential challenges in replacing Russian gas. To that end, companies will be required to notify authorities and the Commission of any remaining Russian gas contracts. EU countries still importing Russian oil will also have to submit diversification plans.'

However in the event of a declared emergency, and if security of supply is seriously threatened in one or more EU countries, the Commission may suspend the import ban for up to four weeks, as per the statement.

Michael Damianos, Minister for Energy, Commerce and Industry of Cyprus said that the decision would make EU energy market 'stronger, more resilient and more diversified and 'towards an autonomous Energy Union.'

The statement further noted that the Commission also plans to propose legislation to phase out Russian oil imports by the end of 2027.

In a post on X, European Parliament President Roberta Metsola said, 'We have just signed the ban on Russian gas into law. Europe is securing control of our energy supply and strengthening our autonomy.'

https://x.com/EP_President/status/2015844331601445316?s=20

The decision comes as EU stands stands as the world's biggest importer of LNG. In 2024, the EU imported over 100 billion cubic meters (bcm) of LNG. The largest LNG importers in the EU are France, Spain, the Netherlands, Italy and Belgium.

While the gas and oil imports from Russia to the EU have both decreased significantly in recent years. The official statement noted that while the imports of oil have dropped to below 3% in 2025 as a result of the current sanctions regime, Russian gas still accounts for an estimated 13% of EU imports in 2025, worth over EUR15 billion annually.

'This leaves the EU exposed to significant risks in terms of its trade and energy security', it said. (ANI)