Europe will never return to Russian gas, European Commission insists
The European Commission has insisted there will be no return to Russian gas, as it published plans to phase out fossil fuel imports from its eastern neighbour by 2028,The EU energy commissioner, Dan Jørgensen, said a proposed ban on Russian gas imports would remain, irrespective of whether there was peace in Ukraine,EU officials recalled when Russia cut gas supplies in 2006, 2009 and 2014, as well as the deliberate reduction in flows in 2021 before the full-scale invasion of Ukraine, which contributed to a huge rise in energy prices and surging inflation across the continent,Under the proposals, European companies would be banned from importing Russian gas or providing services at EU liquified natural gas terminals to Russian customers,Any contracts entered into from today would have to be wound up by 1 January 2026, but companies with pre-existing agreements have a final deadline of 1 January 2028.
The proposal is facing a backlash from Hungary, Slovakia and Austria, but these countries are not thought to have enough support to block the plan from becoming EU law,Jørgensen said plans to phase out Russian fossil fuels were not a response to the full-scale invasion of Ukraine,“This is a ban that we introduce because Russia has weaponised energy against us, because Russia has blackmailed member states in the EU, and therefore they are not a trading partner that can be trusted,” he said,“That also means that, irrespectively of whether there is a peace or not – which we all hope there will be of course – this ban will still stand,”EU importers will be required to provide customs officers with detailed information about the source of gas to prevent any attempts to sell Russian imports under a new flag.
About 13% of EU gas imports is expected to come from Russia in 2025, compared with 45% in 2021.While Europe has cut supplies of pipeline gas from Russia, in 2024 it bought record amounts of Russian LNG, raising questions about the EU’s commitment to Ukraine and climate goals.The commission expressed confidence that European companies terminating long-term gas contracts would not be liable for damages.Jørgensen said the EU ban was beyond any individual company’s control.“It is not them who are breaking the contract, it is indeed force majeure.
”The EU also wants to end imports of Russian oil by 2028, compared with 3% today and 27% in 2021.But the latest proposal does not remove an exemption from the EU’s oil embargo granted to Hungary and Slovakia.When the EU agreed an oil import embargo in March 2023, the central European countries secured an opt-out that allowed them to continue to be supplied via the Soviet-era Druzhba pipeline.This carve-out, agreed under the EU’s sanctions regime, cannot be touched by this legislation, which has a different legal basis.Hungary and Slovakia have sharply criticised the EU plans to phase out fossil fuels.
Péter Szíjjártó, the Hungarian foreign minister, claimed Hungarian consumers could pay four times more for utilities, and he posted a video on social media on Monday in which he spoke over a dramatic action movie-style soundtrack.EU officials reject suggestions that prices would go up.In more muted criticism, Austria’s energy ministry told the Financial Times that the EU should be open to resuming gas imports from Russia if there was a deal to end the war in Ukraine.However, Lena Schilling, an Austrian Green MEP and former Fridays for the Future activist, called the stance shortsighted and morally irresponsible.“Have we learned nothing from bombed hospitals, abducted children and a war of aggression in the heart of Europe?” she asked.
Trump threatens to keep 25% tariff on UK steel imports over Port Talbot concerns
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Trump claims EU is not offering a fair trade deal; Reeves pitches UK as ‘oasis of stability’; oil climbs as shares fall – as it happened
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Europe will never return to Russian gas, European Commission insists
The European Commission has insisted there will be no return to Russian gas, as it published plans to phase out fossil fuel imports from its eastern neighbour by 2028.The EU energy commissioner, Dan Jørgensen, said a proposed ban on Russian gas imports would remain, irrespective of whether there was peace in Ukraine.EU officials recalled when Russia cut gas supplies in 2006, 2009 and 2014, as well as the deliberate reduction in flows in 2021 before the full-scale invasion of Ukraine, which contributed to a huge rise in energy prices and surging inflation across the continent.Under the proposals, European companies would be banned from importing Russian gas or providing services at EU liquified natural gas terminals to Russian customers. Any contracts entered into from today would have to be wound up by 1 January 2026, but companies with pre-existing agreements have a final deadline of 1 January 2028
Poundland to shut 68 stores in restructuring that puts 2,000 jobs at risk
Poundland is to shut 68 shops and two distribution centres and aims to close at least 80 more stores, putting more than 2,000 jobs at risk.The British company, which was sold last week to the US investment group Gordon Brothers for £1, has more than 800 outlets in the UK and the Republic of Ireland, employing about 16,000 people. It said it planned to reduce this eventually to no more than 650 outlets.It also wants landlords to cut rents to zero on up to 180 stores – putting the future of those outlets in doubt – while also seeking rent reductions of between 15% and 75% on dozens more stores as part of a restructuring process that it will put to creditors in August.Poundland is also stopping selling online, ditching its Perks loyalty app, ceasing to sell frozen foods and reducing its range of chilled foods to items that make up its £3 meal deals – such as sandwiches – and essentials including milk
‘Vital’ that British steel gets Trump tariff deal after UK-US trade pact, say unions
Steel trade unions have said it is “absolutely vital” that the UK rapidly secures a deal to protect the sector from Donald Trump’s tariffs, after the industry was excluded from an initial UK-US pact signed on Monday night.Keir Starmer and Trump signed off a UK-US trade deal at the G7 summit in Canada, with the US president saying Britain would have protection against future tariffs “because I like them”.The car industry was relieved that tariffs on the sector will be reduced to 10% from 27.5%. The UK aerospace sector will face no tariffs at all from the US after deal, which followed an initial agreement made in May
UK bank TSB could be sold off by Spanish owner Sabadell
The Spanish bank Sabadell has said it has received interest from prospective buyers of its UK division TSB, and said it would assess any firm offers it may receive.Sabadell wants to sell TSB as it battles to fend off an €11bn (£9.4bn) hostile approach from its Spanish rival BBVA.The Catalonia-based lender said it had received “preliminary non-binding expressions of interest” for TSB from unnamed bidders, and would examine any potential binding offer.TSB, which has 175 branches in the UK, has more than 5 million customers and 5,000 staff
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