The European Commission is currently assessing the feasibility of legally prohibiting companies within the EU from signing new contracts for the purchase of Russian fossil fuels.

This was reported by Reuters, citing a high-ranking European official.

The EU may allow for the termination of contracts with Russia

Simultaneously, the Commission is exploring legal options that would permit EU companies to terminate existing gas supply contracts with Russia without incurring penalties.

The Commission is expected to outline possible options in a "roadmap" to be presented on May 6. It is noted that among the options, potential trade measures are being considered that could prohibit European companies from entering into new contracts for Russian fuel.

The aim of banning new contracts is to reduce spot purchases of Russian liquefied natural gas (LNG) by European companies.

Previously, the Commission stated that any potential measures to restrict the import of Russian energy resources must adhere to the principle of "inflicting more harm on Moscow than on the EU." The development of such measures will also consider their impact on Europe’s energy security and fuel prices for consumers.

Following the publication of the "roadmap" next month, the Commission plans to discuss the proposed options with member states and EU companies. If the EC decides to promote any of the legal instruments (such as a ban on new contracts), it will propose legislation accordingly.

Depending on the type of proposed instrument, approval from the European Parliament and a significant majority of EU member states in the Council of the EU may be required for their adoption.

The EU Plans to Release Strategy to Phase Out Oil and Gas Imports from Russia in May

The European Commission intends to present a comprehensive plan for a phased withdrawal from Russian oil and gas imports in May.

In response to Russia's full-scale aggression against Ukraine, the European Union has committed to ending its reliance on Russian fossil fuels by 2027.

Analysts from the Brussels-based research center Bruegel have advised the EU to consider imposing tariffs on Russian gas imports. A complete cessation of Russian natural gas would necessitate increasing purchases from other suppliers, including the United States.

Currently, the European Union is exploring the possibility of increasing LNG purchases from the U.S.