The 27 member states of the European Union formally adopted the regulation on phasing out Russian imports of both pipeline gas and liquefied natural gas (LNG) into the EU on Monday. In a statement shared by the EU Council, it was mentioned that the new rules also include measures on effective monitoring and diversification of energy supply. As per the regulation, importing Russian pipeline gas and LNG into the EU will be prohibited.

"The ban will start to apply six weeks after the regulation enters into force. Existing contracts will have a transition period. This stepwise approach will limit the impact on prices and markets. A full ban will take effect for LNG imports from the beginning of 2027 and for pipeline gas imports from autumn 2027", the statement said.