EU Bans Imports of Russian Gas, But Gives Itself Two-Year Grace Period

The European Council has voted to ban the imports of Russian gas, theoretically ending the years-long situation in which the continent has sent more cash to Moscow than Kyiv, but with so many exemptions, the energy will likely flow for years to come.

The European Council overrode the concerns of Hungary, Slovakia, and Bulgaria — who remain more dependent on Russian energy imports than their European neighbours due to geographic and historic circumstances — to sign off on a ban on Russian gas on Monday. The European Commission has insisted there is no risk to Europe’s security of supply, and cutting Russia out of the natural gas supply picture completely won’t lead to higher prices for consumers; however, the transition to zero Russian gas will