EU’s Russian energy ban formalises shift in supply

In light of today’s confirmation that the EU will completely phase out Russian LNG and pipeline natural gas imports by end-2026 and September 2027, respectively, this is an updated version of an Update sent in October, when the legislative proposals were first agreed. In short, the adjustment of energy flows away from Russia has by and large already taken place, meaning that the ban will have limited further impact on EU energy markets.