US, EU seal energy deal to curb reliance on Russia

The agreement will see the US provide the EU with at least 15 billion additional cubic metres of LNG by the end of the year….reports Asian Lite News

The US and the European Union (EU) have announced a major deal on liquified natural gas (LNG), in an attempt to reduce Europe’s reliance on Russian energy, the BBC reported.

The deal was announced on Friday during US President Joe Biden’s three-day visit to Brussels.

The agreement will see the US provide the EU with at least 15 billion additional cubic metres of LNG by the end of the year.

The bloc has already said it will cut Russian gas use in response to Russia’s invasion of Ukraine.

The US and the EU are committed to reducing Europe's dependency on Russian energy.

The partnership will ensure stable demand and supply for at least 50 bcm of US LNG until 2030, replacing one third already of the Russian gas going to Europe today.

Read the joint statement ↓

— European Commission 🇪🇺 (@EU_Commission) March 25, 2022

That will mean increasing imports and generating more renewable energy.

Russia is a major supplier Europe’s energy, and its war with Ukraine has helped push energy prices to record highs.

Energy prices were already rising before the invasion as economies started to recover from the Covid crisis, BBC reported.

The Ukraine invasion prompted the EU to pledge to cut Russian gas use by two-thirds this year by hiking imports from other countries and boosting renewable energy.

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