EU lawmakers and member states early on Wednesday (Dec 3) announced that they have reached a deal to stop all Russian gas imports into the bloc by autumn 2027. The agreement is a middle ground between EU governments and the European Parliament, which had pushed for an earlier cutoff. In a statement, the European Council said the provisional deal will phase out Russian natural gas as part of efforts to break Europe’s long reliance on Moscow and respond to what it called Russia’s weaponisation of energy supplies.Also read | <a href="https://www.wionews.com/world/five-hour-kremlin-meeting-ends-with-putin-rejecting-trump-s-ukraine-peace-plan-no-compromise-on-territory-1764724500149">Five-hour Kremlin meeting ends with Putin rejecting Trump's Ukraine peace plan: 'No compromise' on territory</a><h2>EU phasing out Russian imports</h2>"Today, the Council presidency and the European Parliament's representatives reached a provisional agreement on the regulation to&nbsp;phase out imports of Russian natural gas," said a European Council statement.Under the plan, long-term contracts for Russian pipeline gas will end no later than November 1, 2027. Long-term liquified natural gas (LNG) contracts will halt from January 1, 2027. Short-term deals will be barred earlier, starting April 25, 2026, for LNG and June 17, 2026, for pipeline gas. The move aims "to end dependency on Russian energy following Russia's weaponisation of gas supplies with significant effects on the European energy market," said the EU. The timeline, as per AFP, still needs final approval from both the Parliament and EU member states.Also read | <a href="https://www.wionews.com/world/ahead-of-delhi-visit-putin-vows-deeper-partnership-with-india-says-he-wants-ties-at-a-qualitatively-new-level-1764726149599">Ahead of Delhi visit, Putin vows deeper partnership with India, says he wants ties at a 'qualitatively new level'</a>

EU countries and lawmakers struck a deal to ban all Russian gas imports by autumn 2027. Long-term contracts will end no later than November 1, 2027.

EU lawmakers and member states early on Wednesday (Dec 3) announced that they have reached a deal to stop all Russian gas imports into the bloc by autumn 2027. The agreement is a middle ground between EU governments and the European Parliament, which had pushed for an earlier cutoff. In a statement, the European Council said the provisional deal will phase out Russian natural gas as part of efforts to break Europe’s long reliance on Moscow and respond to what it called Russia’s weaponisation of energy supplies. Also read | Five-hour Kremlin meeting ends with Putin rejecting Trump's Ukraine peace plan: 'No compromise' on territory EU phasing out Russian imports "Today, the Council presidency and the European Parliament's representatives reached a provisional agreement on the regulation to phase out imports of Russian natural gas," said a European Council statement. Under the plan, long-term contracts for Russian pipeline gas will end no later than November 1, 2027. Long-term liquified natural gas (LNG) contracts will halt from January 1, 2027. Short-term deals will be barred earlier, starting April 25, 2026, for LNG and June 17, 2026, for pipeline gas. The move aims "to end dependency on Russian energy following Russia's weaponisation of gas supplies with significant effects on the European energy market," said the EU. The timeline, as per AFP, still needs final approval from both the Parliament and EU member states. Also read | Ahead of Delhi visit, Putin vows deeper partnership with India, says he wants ties at a 'qualitatively new level'

EU countries and lawmakers struck a deal to ban all Russian gas imports by autumn 2027. Long-term contracts will end no later than November 1, 2027.

EU seals landmark deal to ban all Russian gas imports within three years

According to British media reports, UK Prime Minister Rishi Sunak is poised to make a gas deal announcement with the United States after the Cop27 climate change summit.

UK to strike a major gas deal with the US?

After Russia's Gazprom shut down the Nord Stream 1 gas pipeline, worsening Europe's energy crisis, Finland&nbsp;and Sweden on Sunday, September 4, announced plans to grant billions of euros in liquidity guarantees to energy companies in their nations.

Sweden intends to provide 250 billion Swedish kronor (S$32 billion) in liquidity guarantees, while Finland aims to provide 10 billion euros (S$14 billion).

In addition to covering all Nordic and Baltic countries for the next two weeks, the assurances will extend in Sweden until March of the following year, according to Swedish finance minister Mikael Damberg.

Also read |&nbsp;<a href="https://www.wionews.com/world/euro-slips-below-99-cents-for-the-first-time-in-over-two-decades-513155">Euro slips below 99 cents for the first time in over two decades</a>

Electricity producers might have experienced "technical bankruptcy" on Monday in the absence of government guarantees, according to Damberg.

Lower gas shipments from Russia both before and after its invasion of Ukraine in February have already driven up prices in Europe by about 400% in the last year, driving up energy prices.

Energy companies have experienced paper losses on their power futures contracts as a result of the sharp increase in electricity rates, forcing them to find the money to post additional collateral with the markets.

(With inputs from agencies)

Also WATCH | Russia shuts gas supplies indefinitely; Sweden PM warns of 'war winter'

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After Russia's Gazprom shut down the Nord Stream 1 gas pipeline, worsening Europe's energy crisis, Finland and Sweden on Sunday, September 4, announced plans to grant billions of euros in liquidity guarantees to energy companies in their nations.

After Russia's Gazprom shut down the Nord Stream 1 gas pipeline, worsening Europe's energy crisis, Finland and Sweden on Sunday, September 4, announced plans to grant billions of euros in liquidity guarantees to energy companies in their nations. Sweden intends to provide 250 billion Swedish kronor (S$32 billion) in liquidity guarantees, while Finland aims to provide 10 billion euros (S$14 billion). In addition to covering all Nordic and Baltic countries for the next two weeks, the assurances will extend in Sweden until March of the following year, according to Swedish finance minister Mikael Damberg. Also read | Euro slips below 99 cents for the first time in over two decades Electricity producers might have experienced "technical bankruptcy" on Monday in the absence of government guarantees, according to Damberg. Lower gas shipments from Russia both before and after its invasion of Ukraine in February have already driven up prices in Europe by about 400% in the last year, driving up energy prices. Energy companies have experienced paper losses on their power futures contracts as a result of the sharp increase in electricity rates, forcing them to find the money to post additional collateral with the markets. (With inputs from agencies) Also WATCH | Russia shuts gas supplies indefinitely; Sweden PM warns of 'war winter'

Sweden, Finland to offer liquidity guarantees to energy companies

Europe is bracing for a gas crisis, Russia is turning off the gas supplies to the region making good on a threat to halt deliveries to "unfriendly" countries that refuse to make payments in rubles. For more perspective, we're joined by Olexi Pasyuk, Energy Expert at CEE Bankwatch Network.

Russia-Ukraine crisis: How dependent is Europe on Russia for gas?

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EU seals landmark deal to ban all Russian gas imports within three years

UK to strike a major gas deal with the US?

Sweden, Finland to offer liquidity guarantees to energy companies

Russia-Ukraine crisis: How dependent is Europe on Russia for gas?