Dariia Mykhailenko of United24 Media reports that the EU and U.S. have signed a new trade deal to boost economic ties and reduce Europe’s reliance on Russian energy. The EU will replace Russian oil and gas with up to $750 billion in U.S. LNG, crude oil, and nuclear fuel by 2027. The agreement also sets a unified 15% tariff on most EU exports and removes tariffs on key strategic goods. Mykhailenko writes:
The European Union and the United States have signed a new trade agreement aimed at strengthening economic ties and reducing Europe’s reliance on Russian energy. As part of the deal, the EU will replace Russian gas and oil with large-scale purchases of American liquefied natural gas (LNG), crude oil, and nuclear fuel.
The announcement was made by European Commission President Ursula von der Leyen on July 27. […]
According to her, the EU continues to rely heavily on Russian hydrocarbons, but Europe intends to phase out these imports completely by 2027. To achieve this, EU countries are expected to purchase up to $750 billion worth of fuel from the United States over the next three years.
Earlier, Indian Minister of Petroleum and Natural Gas Hardeep Singh Puri stated that India remains confident in its ability to meet its oil needs through alternative sources should Russian supplies be disrupted by secondary sanctions.
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