European Commission plans to stop purchasing Russian LNG by end of 2026

The European Commission intends to give up purchasing liquefied natural gas (LNG) from Russia by the end of 2026, which is a year earlier than previously planned, Politico reported on Tuesday.

"At the heart of the proposal is the Commission's decision to ditch Russian LNG a year earlier than initially planned, imposing an earlier deadline of the end of 2026 for long-term contracts, while giving six months after the package's entry into force for short-term deals," Politico said, citing a draft of measures as part of the EU's 19th sanctions package.

The goal of the ban on Russian LNG is to further weaken Russia's profits from fossil fuel exports, Politico said.

The draft also provides, in particular, for bans on EU companies investing in Russian economic zones and conducting transactions in cryptocurrency, as well as restrictions on 12 Chinese, two Thai, and three Indian firms that according to European officials are helping Russia circumvent sanctions.

Previously, the European Commission said that it expects to gradually and effectively stop all imports of Russian gas into the EU by the end of 2027.