(MENAFN) The European Council and the European Parliament reached a tentative agreement on Wednesday to gradually eliminate Russian natural gas imports by 2027.

According to a statement released by the council, "The regulation introduces a legally binding, stepwise prohibition on both liquefied natural gas (LNG) and pipeline gas imports from Russia, with a full ban from the end of 2026 and autumn 2027 respectively."

The temporary accord is designed to foster a "resilient" and "independent" energy market across the EU.

The statement added that "The co-legislators confirmed that imports of Russian pipeline gas and LNG will be prohibited from six weeks after entry into force of the regulation, while maintaining a transition period for existing contracts."

Under the regulation, every member state must submit national diversification strategies explaining how they plan to broaden their gas sources and outlining potential obstacles, with the ultimate goal of ceasing all Russian gas imports within the established timeframe.

Furthermore, "At the same time, the agreement strengthens the Commission’s oversight by requiring member states to notify the Commission within one month of the regulation’s entry into force whether they have Russian gas supply contracts or national legal bans in place," the statement noted.

The council and parliament retained the "suspension clause," which permits the regulation to be temporarily halted if unforeseen events jeopardize the energy supply of one or more member states.

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