U.S., EU Reach LNG Supply Deal to Cut Dependence on Russia
- Target of 15 billion cubic meters is fraction of Russia supply
- Biden is discussing Ukraine war with NATO, EU and G-7 allies
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The U.S. and the European Union will push to boost supplies of liquefied natural gas to European countries by the end of 2022 in a bid to begin to displace some Russian gas, a political framework that now leaves companies to sort out the details.
Under the agreement, Europe will get at least 15 billion cubic meters of additional LNG supplies by the end of the year, though it’s not clear where it will come from. Member states will also work to ensure demand and facilities to take in up to 50 billion cubic meters of American fuel until at least 2030. The aim is to work with international partners to help the continent wean itself off Russian gas, which accounts for about 40% of Europe’s needs.