Russia has serious problems

According to media reports, the EU intends to ban companies from entering into new contracts for the supply of Russian gas with immediate effect.

Short-term contracts for the import of pipeline and liquefied gas from Russia are to be terminated from 2026, while long-term contracts will be valid until January 1, 2028.

In addition, it is indicated that a concession is still provided for Hungary and Slovakia, which import Russian gas.

Official Brussels plans to grant them an exception until 2027 to gradually terminate existing gas contracts.

Importantly, gas from Russia accounts for less than 19% of total fossil fuel imports into the EU, compared to around two-fifths at the time of the full-scale invasion of Ukraine in 2022.