The United States is finalizing a plan to supply up to 15 billion cubic meters of liquefied natural gas to the European Union by the end of 2022, according to the Financial Times, citing three people familiar with the deal.
Its goal is to help the EU reduce its dependence on natural gas from Russia, as the bloc is trying to limit Russian imports by two-thirds this year.
Gas supplies from the United States will be aimed at meeting the EU’s target this month to replace the 50 billion cubic meters of gas currently supplied by Russia with alternative supplies.
US President Joe Biden and European Commission President Ursula von der Leyen plan to announce the agreement today.
The EU is under strong pressure to ban Russian energy imports, but German Chancellor Olaf Scholz has warned against a permanent ban on fossil fuel supplies to the country, saying the move could trigger a recession.
German officials say a sharp drop in Russian gas imports this year would achieve the same goal as sanctions.