EU Lags on Cutting Ties with Russia, Auditors Say

The European Union is failing to reduce its dependence on Russian energy quickly enough, the European Court of Auditors has warned. The problem comes ahead of winter, with gas storage facilities only 67% full, compared with 80% at the same point last year.

Since Russia's invasion of Ukraine began, the EU has significantly reduced its imports from Russia, with Russia's share of the bloc's gas imports falling from 45% to 12%.

However, auditors noted that mild weather and high prices, rather than Brussels' measures alone, accounted for part of the decline in consumption.

Investment remains a particular weak point. The European Commission originally estimated that €300bn ($349bn) would be needed, but member states have so far allocated only €54.3bn ($63.1bn).

The situation is further complicated by tensions in the Middle East. In addition, a complete ban on Russian LNG imports is set to take effect in January 2027, which analysts said could increase the risk of price volatility this winter.

(Reuters, mja)