Natural gas prices in Europe have fallen to near 2025 lows ahead of a historic summit between US President Donald Trump and russian leader vladimir putin, Bloomberg reported on Friday, August 15.
Gas futures traded in Amsterdam have fallen about 10% since the start of the month, hitting their lowest level since May. European gas prices are still above the levels they fell to after russia's invasion of Ukraine in 2024. Today, Europe gets most of its natural gas from distant countries such as the US and Qatar, while in 2024 less than a fifth came from russia.
"The scale of any easing of energy sanctions will depend on the extent of the putin-led ceasefire, a credible end to the war in Ukraine and credible commitments to rebuild in unoccupied Ukrainian territory," said Claudio Steuer, a senior fellow at the Oxford Institute for Energy Studies.
If Trump and putin agree to a ceasefire in Ukraine, the market is not expected to ease energy sanctions against russia, Bloomberg writes. According to BloombergNEF, total russian LNG supplies could reach 50 million tons by 2030 if the relevant sanctions are lifted, which is 50% more than in 2024.
As Ukrainian News Agency earlier reported, the European Parliament is considering proposals to accelerate the EU's phasing out of russian gas by one year earlier, to January 2027.
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