“From today, the EU energy market will become stronger, more resilient, and more diversified. We are breaking free from the harmful dependence on russian gas and taking an important step — in the spirit of solidarity and cooperation — toward an autonomous Energy Union”, - says Michael Damianos, Minister of Energy, Commerce and Industry of Cyprus, as reported by the EU Council.
According to the regulation, the import of russian pipeline gas and LNG into the EU will be prohibited. The ban will take effect six weeks after the regulation enters into force. A transitional period is provided for existing contracts. Such a phased approach will limit the impact on prices and markets. The full ban will come into force for LNG imports from the beginning of 2027, and for pipeline gas from autumn 2027.
Before authorizing gas imports into the Union, EU countries will check the country of origin of the gas.
Non-compliance with the new rules may result in maximum fines of at least 2.5 million euros for individuals and at least 40 million euros for companies, or at least 3.5% of the company’s total global annual turnover, or 300% of the estimated turnover of the relevant transaction.