Home / Market Update / The European Union concludes a gas deal with the United States as it seeks to reduce its dependence on Russia

The European Union concludes a gas deal with the United States as it seeks to reduce its dependence on Russia

The United States said it will work with international partners to provide at least an additional 15 billion cubic meters of liquefied natural gas to Europe this year.

US President Joe Biden and European Commission President Ursula von der Leyen announced the formation of a joint task force to reduce the bloc’s dependence on Russian fossil fuels as the Kremlin’s war with Ukraine continues.

This comes amid growing concern that energy importing countries will continue to increase President Vladimir Putin’s income in oil and gas revenues on a daily basis.

For his part, US President Joe Biden said that the United States would provide the European Union with more liquefied natural gas to help it reduce its dependence on Russian gas supplies.

Check Also

Rising U.S. Inflation Expectations Shake EUR/USD as Central Bank Decisions Loom

The EUR/USD currency pair is facing a notable decline as the U.S. dollar strengthens following …