EU Unveils $220 Billion Plan to Stop Importing Russian Energy

The bloc plans to import zero Russian oil, gas, and coal by 2027

The EU’s European Commission on Wednesday announced a plan to completely wean itself off of Russian energy imports by 2027 that will cost the bloc $220 billion.

Under the plan, the EU would work to import more non-Russian gas, accelerate plans to use more renewable energy, and put in more effort to save energy. “We are taking our ambition to yet another level to make sure that we become independent from Russian fossil fuels as quickly as possible,” EU Commission President Ursula von der Leyen said.

The $220 billion includes $90 billion for investments in renewable, $30 billion for power grids, $59 billion for energy saving and heat pumps, and $27 billion for hydrogen infrastructure. The EU would also invest $10 billion for gas infrastructure and $2.1 billion for oil infrastructure.

The EU has already agreed to ban the import of Russian coal, which is set to take effect in August, but is struggling to pass a ban on Russian oil due to strong objections from Hungary. Under the EU’s proposed oil ban, EU countries would have until the end of 2022 to get off Russian oil, except for Hungary and Slovakia, which would have until the end of 2023.

But the extra year extension is not good enough for Hungary, a country very reliant on Russian oil. Hungarian officials have said the EU hasn’t offered a plan to offset the cost of banning Russian oil to Hungary’s economy.

The EU’s phasing out of Russian energy will have a significant impact on Europe’s economy no matter how it’s done. It’s estimated that the EU imports about 40% of its gas from Russian and 27% of its oil, with some countries, such as Germany and Hungary, more reliant on Russian energy than others.

Author: Dave DeCamp

Dave DeCamp is the news editor of, follow him on Twitter @decampdave.