Try GOLD - Free
EU to end Russia gas imports by Jan 2028
Business Standard
|October 21, 2025
EU energy ministers on Monday backed a proposal to phase out Russian oil and gas imports to the bloc by January 2028, the Council of the European Union said.
The ministers approved the plans, which would phase out new Russian gas import contracts from January 2026, existing short-term contracts from June 2026, and long-term contracts in January 2028, at a meeting in Luxembourg.
The law is not yet final. EU countries must negotiate the final rules with the European Parliament, which is still debating its position.
The EU wants to phase out Russian energy imports to deprive the Kremlin of revenues to fund its war in Ukraine.
Russia currently accounts for 12 per cent of EU gas imports, down from 45 per cent before its 2022 invasion of Ukraine, with Hungary, France and Belgium among the countries still receiving Russian gas.
This story is from the October 21, 2025 edition of Business Standard.
Subscribe to Magzter GOLD to access thousands of curated premium stories, and 10,000+ magazines and newspapers.
Already a subscriber? Sign In
MORE STORIES FROM Business Standard
Business Standard
Zero-tolerance policy for misconduct, says N Chandrasekaran
TCS COO to lead probe into complaint
1 min
April 14, 2026
Business Standard
Export of recycled metals hit as war-risk charges persist
After more than a month since the beginning of the West Asia crisis, exporters of recycled metals continue to face war-risk and logistics charges of up to $2,000 per container, with freight charges to the Gulf region rising as much as 10 times, even as supply chains remain disrupted and firms slip into losses.
2 mins
April 14, 2026
Business Standard
AI sans safeguards can amplify existing weaknesses: RBI DG
Adoption of artificial intelligence (AI) without safeguards can amplify existing weaknesses and create new problems in the financial sector, Reserve Bank Deputy Governor Swaminathan J has said.
1 mins
April 14, 2026
Business Standard
India may see below-normal monsoon for 1st time in 3 yrs
The India Meteorological Department (IMD) on Monday said that the southwest monsoon in 2026 is cumulatively likely to be 'below normal' at 92 per cent of the Long Period Average (LPA).
2 mins
April 14, 2026
Business Standard
Why do FPIs keep selling?
They were excited about India, even at much higher valuations 18 months ago, but the narrative has changed since
4 mins
April 14, 2026
Business Standard
APAs may remain relevant despite expanded safe harbour regime
Following the expansion of the safe harbour regime in Union Budget 2026, experts say advance pricing agreements (APAs) will continue to remain relevant.
2 mins
April 14, 2026
Business Standard
Pope Leo says not afraid of Trump after clash over Iran war
An AI-generated image posted on Donald Trump's Truth Social account depicts himself apparently as Jesus. The post was subsequently deleted
1 mins
April 14, 2026
Business Standard
Didn't charge toll from Indian tankers: Iran
Iranian envoy to India Mohammad Fathali on Monday said that Indian tankers that have transited through the Strait of Hormuz did not pay any toll to Iran, but reiterated Tehran’s stand that the crucial water channel was “Iranian territorial water”.
1 mins
April 14, 2026
Business Standard
Charities, trade bodies come under I-T scrutiny
Tax authorities flag certain receipts as ‘commercial’, citing possible violation of Section 2(15)
1 mins
April 14, 2026
Business Standard
Building outside the Ivy League
Lloyd Blankfein is admired by many for the way he handled Goldman Sachs during the financial crisis of 2008, an event that would spell the death of many storied investment banks in Wall Street and roil the global economy, almost causing a global recession.
3 mins
April 14, 2026
Listen
Translate
Change font size