Europe will be able to significantly reduce purchases of oil and gas from russia under new trade agreement with US

The European Union is committed to purchasing energy resources from the United States for USD 750 billion as part of a new trade agreement. This will help the bloc to abandon oil and gas from russia.

According to Axios, the President of the European Commission Ursula von der Leyen has stated this.

Yesterday, July 27, she told reporters that the European Union, as before, continues to receive too much russian liquefied natural gas (LNG).

"We want to completely abandon Russian fossil fuels, so we are very happy to be able to purchase more affordable and high-quality LNG from the United States," the publication quotes von der Leyen as saying.

According to her, the new trade agreement between the European Union and the United States will be concluded for USD 750 billion. These funds will be distributed over three years.

According to Axios, European companies have already signed agreements with LNG suppliers from the United States for future supplies. Some of them are in the planning stage, some are already being implemented.

There is no detailed information yet on how such a significant increase in imports will be implemented in practice.

Experts from ClearView Energy Partners believe that even if the amount of USD 250 billion per year includes LNG exports from the US to the EU, which amounts to USD 78 billion, this will be a significant jump.

As the Ukrainian News agency earlier reported, on July 27, US President Donald Trump and European Commission President Ursula von der Leyen agreed on the framework of a new trade agreement.

Recall that on July 26, Reuters reported that the European Parliament is considering a proposal for the EU to abandon russian energy sources one year earlier.

We also wrote that in early July it became known that the European Union intends to classify a plan to abandon russian energy sources.