The United States and the European Commission are creating a joint working group aimed at reducing Europe's dependence on energy resources from Russia, through diversifying the supply of liquefied natural gas (LNG) and reducing the need for natural gas, the White House said in a statement of Friday
MOSCOW (Pakistan Point News / Sputnik - 25th March, 2022) The United States and the European Commission are creating a joint working group aimed at reducing Europe's dependence on energy resources from Russia, through diversifying the supply of liquefied natural gas (LNG) and reducing the need for natural gas, the White House said in a statement of Friday.
"Today, President Joe Biden and European Commission President Ursula von der Leyen announced a joint Task Force to reduce Europe's dependence on Russian fossil fuels and strengthen European energy security," the statement read.
The initiative will focus on diversification of LNG supplies "in alignment with climate objectives" and phasing out overall demand for natural gas by "deployment of clean energy measures," the White House added.
Natural gas prices were surging on the European market late last year, spurred by growing energy demand amid an economic recovery after months of lockdowns, as well as a limited supply. This has prompted the EU authorities to reinforce efforts toward ensuring the bloc's energy security, the need for which has become even more pressing during the conflict with Russia, the EU's main energy supplier, over the latter's special military operation in Ukraine.
Amid crippling global energy shortages, prices spiked further on Wednesday with gas futures topping $1,400 after Russian President Vladimir Putin instructed Gazprom to change existing gas contracts into rubles in response to the EU, US, and Japan blocking Russia from accessing Euros, Dollars and Yen.
On February 24, Russia launched a military operation in Ukraine after the breakaway republics of Donetsk and Luhansk appealed for help in defending themselves against Kiev forces. In response to Russia's operation, Western countries have rolled out a comprehensive sanctions campaign against Moscow.
