The US has inked a landmark deal with the European Union to deliver an additional 15 billion cubic meters (bcm) of liquified natural gas (LNG) this year, and increase its supplies over the coming years, in a bid to wean Europe off of its dependence on Russian energy.

Working with international partners, the US will also work to supply 50 bcm of additional LNG until at least 2030, President Joe Biden announced at a press conference in Brussels on Friday morning with his counterpart, European Commission President Ursula von der Leyen.

Russia currently supplies around 40% of Europe’s gas – and experts have said that energy purchased from Russia directly funds President Vladimir Putin’s war in Ukraine.

This year’s delivery of 15 bcm of gas was described by Ms von der Leyen as a “big step” towards shutting Moscow out of Europe’s energy infrastructure, as it will replace the LNG supply the EU “currently receives from Russia.”

The pair also said that they had formed a joint taskforce to tackle Europe’s energy crisis, exacerbated by Russia’s invasion of neighbouring Ukraine, which has driven the cost of oil and gas up.

The price of gas in Europe was already the highest in the world before the conflict – and Russia’s actions have driven energy to record highs.

By 2030, the EU says it wants to have saved 70 bcm through energy efficiency and installing more wind and solar power.

Related posts:

Sunak to hail reforms aimed at luring tech giants Deliveroo bankers face cancellation of £18m fee after IPO calamity Mortgage borrowing takes largest monthly leap as economy finds new gear Ex-Watchstone chief ends three-year search for Innovate UK boss Canadian giant OMERS plots bid for CityFibre stake Hundreds of jobs saved as Liberty Steel secures £50m cash injection EasyJet warns of pre-tax loss of up to £1.18bn due to COVID-19 pandemic Facebook’s Meta to ban adverts that target people on ‘sensitive topics’ politics, race and sexual orientation NatWest closing another 32 branches – is yours among them? Buyout firm Sycamore has designs on fashion chain Ted Baker Wetherspoons reveals cost hit – as pub sales start to return to normal Buyout giant Apax has head in clouds with ClearBank backing