EU Reduces Energy Imports from Russia but Paid €23 Billion in 2024

The European Union has significantly reduced its imports of energy resources from the Russian Federation; however, it spent €23 billion on this in 2024. This was reported by European Commissioner for Energy, Dan Jørgensen, emphasizing the profound changes in the structure of the EU’s energy trade with Russia.

This is reported by AgroReview

EU Strategy to Reduce Dependence on Russian Energy Resources

Until 2022, half of the coal supplied to EU countries came from Russia, but its import has now been completely halted. The share of Russian oil in the European market has dropped from 27% to 3%, and gas from 45% to 13%.

“However, last year we still paid Russia €23 billion for energy imports,” he said.

Future Steps Towards Energy Independence

The European Commission aims to completely cease purchases of Russian gas within the EU by 2027. By 2030, all other energy sources from Russia are to be phased out of European markets. New regulations are already being implemented to ensure the traceability of Russian gas in the European market. Additionally, EU member states are developing national plans to gradually abandon energy resources from the Russian Federation by 2025.

Jørgensen also noted: “Furthermore, we will strengthen control over illegal oil entering the market through Russia’s shadow fleet.”

All these decisions are part of an expanded strategy to change trade relations between the EU and Russia due to increasing security risks. Jørgensen emphasized that no scenario for the resumption of the “Nord Stream” pipeline is being considered.