In a bid to phase out Europe’s reliance on Russian gas, the European Commission has developed a platform for the common purchase of gas, LNG and hydrogen with the member states. It will be a voluntary coordination mechanism, bringing together the Commission and the Member States to support the EU’s purchase of gas and hydrogen by making optimal use of the Union’s collective political and market weight, as agreed by the Government in the European Council on March 25.
The platform will help to ensure supply security, predominantly for the refilling of gas storage facilities in preparation for next winter, revealed the official website of the European Commission. It will also ensure that existing gas infrastructure is utilised to the maximum extent possible and also strengthen long-term relationships with significant supply partners, possibly through Memorandums of Understanding, to include hydrogen and renewables.
Russia’s aggression against Ukraine has dramatically transformed geopolitical environment
Kadri Simson, the European Commissioner for Energy, stated that Russia’s aggression against Ukraine has dramatically transformed the geopolitical environment of Europe’s energy security and they have decided to wean themselves off of Russian fossil fuels, adding that they will require alternate sources of supply. She further noted that the EU must utilise its joint political and market strength in global gas markets to accomplish this goal. She further claimed that they are building on their recent experience with the EU Energy Platform to ensure a coordinated European approach to achieving the best possible gas import conditions.
Notably, the platform will build on existing EU policy initiatives including the Member States, transmission system operators, trade organisations, and market participants. It will rely on the current security of supply coordination institutions as well as regional energy infrastructure assessments, according to European Commission. The platform will be run by the Commission and will encompass every part of the value chain, including global supply and demand, market processes, infrastructure and supply security.
Zelenskyy urged countries to impose sanctions against Russia
In the meantime, Ukrainian President Volodymyr Zelenskyy sought harsh sanctions against Russia. In an exclusive interview with Republic Media Network, Zelenskyy urged countries around the world to impose sanctions. He said, “We need to impose all the sanctions, powerful sanctions against the Russian Federation. I am grateful to the countries that have imposed it against Russia.”
Image: AP
