Philip Blenkinsop, Jarrett Renshaw

BRUSSELS, (Reuters) – The United States will provide more liquefied gas (LNG), to the European Union to reduce its dependence on Russian fossil fuels. This was stated by Joe Biden, the U.S. president, on Friday as EU leaders met in Brussels to address an energy crisis triggered from the conflict.

Biden announced the agreement during his visit to Brussels. This was after three summits at which leaders criticized Russia for its invasion of Ukraine, and provided fresh support to Kyiv.

Biden said to reporters, “We are coming together in order reduce Europe’s dependency on Russia’s oil.” “We shouldn’t support Putins brutal attack against Ukraine.”

Russia imports more than 25% of European Union’s oil and supplies 40 percent of EU gas requirements.

Biden was told by Ursula von der Leyen, chief of EU Commission, that she aims to lessen our dependence on Russia.

“The U.S. promise to provide the EU with ()She stated that an additional 15 billion cubic metres (billions of cubic meters) of LNG in the coming year was a significant step in this direction and added: “We are determined against Russia’s war crimes.”

Analysts say that U.S. LNG plants have already produced enough LNG to supply Europe with the majority of additional gas. This means that most of the extra gas would need to be imported from other countries.

Long-term, the goal would be to provide additional U.S. LNG at 50 billion cubic meters per annum, according to von der Leyen, and Biden.

ENERGY CHARGES TUSSLE

Europe’s largest gas supplier invaded Europe, causing already high energy prices to record levels. The EU pledged to reduce Russia’s gas consumption by two-thirds by increasing imports from other countries as well as boosting renewable energy.

The EU’s leaders will be discussing Friday how they can rein in the high cost of energy.

On arrival at the second day’s summit of EU leaders, Alexander De Croo, Belgium’s Prime Minister said that “the EU isn’t only about big principles and big meetings”

He said that today is all about everyday problems of people. This includes the electric and gas bills of people. That’s what we are seeing in the aftermath of the war in Ukraine. “So we must intervene” he added, adding that EU should enter the market for energy to lower prices.

Spain, Greece, and other countries will present their arguments for market intervention and power price caps. A group including Germany and Netherlands, however, will counter and try to delay these moves. Diplomats stated.

While the issue will still be a divisive one of whether to embargo Russian energy in addition to the string of sanctions targeting Moscow already, it is not expected that a decision will be made.

Germany, the nation most dependent on it, is reluctant to move in a way that could have major economic consequences.

In order to protect against any future shocks to the supply chain, all 27 leaders are expected to commit to purchasing gas together and filling storage before winter.