US, EU Ink Deal As Europe Explores Options To Cut Russian Gas: Reuters

by Shivani Kumaresan, Benzinga Staff Writer

March 25, 2022 7:35 AM | 1 min read | Make a Comment

U.S. President Joe Biden and European Commission President Ursula von der Leyen announced the formation of a task force to reduce Europe's reliance on Russian oil.
The U.S. will supply 15 billion cubic metres of liquefied natural gas (LNG) to European Union in 2022.
Russia supplies 41% of the European Union's gas needs, amounting to 155 bcm, Reuters reported.
The U.S. and EU affirm joint resolve to terminate EU dependence on Russian fossil fuels by 2027.
Russia's war on Ukraine has sent oil prices towards the north, with countries grappling for supplies and facing pressure to cut economic ties with Russia.

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