BRUSSELS, Dec. 17 (Xinhua) -- The European Parliament on Wednesday approved a legislation to ban spot-market imports of Russian liquefied natural gas (LNG) once the regulation enters into force in early 2026, while imports of Russian pipeline gas will be phased out by Sept. 30, 2027.
The legislation, which has already agreed with the Council of the European Union, was adopted with 500 votes in favor, 120 against and 32 abstentions. It now requires formal endorsement by the Council before publication in the EU's Official Journal.
The vote further paves the way for tighter restrictions on Russian oil. During negotiations with the Danish presidency of the Council, members of the European Parliament (MEPs) pushed to ban all imports of Russian oil and secured a commitment from the European Commission to present related legislation in early 2026, with an effective ban expected to take effect as soon as possible and no later than late 2027.
Ville Niinisto, lead MEP for the European Parliament's Committee on Industry, Research and Energy, said the key priorities were to accelerate the timeline for banning pipeline gas as much as possible, prohibit long-term LNG contracts one year earlier than foreseen, and prevent circumvention of the new rules.
"We have strengthened the European Commission's initial proposal by introducing a pathway towards a ban on oil and its products, ending long-term contracts sooner than originally proposed, and securing penalties for non-compliance," said Inese Vaidere, lead MEP for the Committee on International Trade.
As of October, Russia accounted for 12 percent of EU gas imports, down from 45 percent before the 2022 Russia-Ukraine conflict.
Leonid Mikhelson, CEO of Russia's second-largest gas producer Novatek, has warned that excluding Russian LNG from the global gas balance will drive up the gas price.
"Russia now accounts for over 10 percent of global LNG production. If these volumes are removed from the global gas balance, prices will skyrocket, and the European consumers will end up paying the highest costs," added Mikhelson. ■