EU’s Plan to Wean Itself off Russian Oil and Gas

Welcome to the Brussels Edition, Bloomberg’s daily briefing on what matters most in the heart of the European Union.

The EU's executive arm is mapping out a path to end the bloc’s reliance on Russian gas that could see import needs cut by almost 80% this year, two officials with knowledge of the matter told us. The plan to be presented today will propose steps such as tapping new gas supplies and increasing energy efficiency, and aims to deliver independence from the region’s biggest supplier of the fossil fuel well before 2030. At an informal summit in Versailles starting Thursday, EU leaders are set to reinforce the measures with a “thorough reassessment of how we ensure the security of our energy supplies,” according to a draft statement seen by Bloomberg. For the efforts to succeed, it will need action from member states, many of whom were already uncomfortable with the investment required for the commission’s energy-transition plans and are now struggling to contain the political impact of spiking energy costs. Adding urgency to the discussions, Russia last night threatened to cut supplies to Europe.