EU Empowers Member States to Cut Off Russian Gas Imports

The European Council and parliament have reached a provisional agreement on new rules that would allow EU member states to ban Russian energy companies from their pipelines and terminals, potentially enabling them to end all gas imports from Russia. The proposed legislation aims to protect the security interests of EU member states while diversifying energy sources. If approved, it would allow owners of EU gas import infrastructure to sever ties with companies importing Russian gas without facing financial penalties. Europe's gas supply crisis has stabilized, with high storage levels and the expectation of new LNG sources in the global market. HSBC predicts falling wholesale gas prices in Europe by 2026 due to increased supply from new LNG projects.