Panic begins in Russia. They ask for urgent help

• Following the Russian invasion of Ukraine in 2022, Europe significantly reduced gas imports from Russia.
• This hit Gazprom's financial condition and had a negative impact on the Russian budget revenues.
• The United States and Russia were to discuss potential U.S. support in restarting Russian gas exports to the West.

The European Commission announced on Tuesday that it will propose a ban on concluding new agreements and spot contracts for the import of Russian liquefied gas and gas pipelines by the end of the year. The EC also published a so-called road map, the implementation of which is to lead to the EU's complete independence from Russian gas imports by the end of 2027.

A concrete legislative proposal is due in June. The bill requires approval from the European Parliament and most member states. Hungary and Slovakia have already expressed their opposition.

Europe turns off gas tap. Russia asks for help

The loss of the local market is a major problem for the Kremlin. Moscow now meets just 19 percent of Europe's gas demand, down from 40 percent before the war - mostly in the form of LNG and through the TurkStream pipeline through Turkey.

• As a result of the drastic reduction in Russian gas imports, Russian energy giant Gazprom reported a loss of $7 billion in 2023, according to Reuters.
• The Russian budget is also suffering.
• The Eastern Studies Center reported that this year the Kremlin budget will receive over 2.6 trillion rubles less in revenue from the oil and gas sector , which will increase the deficit to almost 3.8 trillion rubles.

All this means that Russia wants to return to trade with Europe, and President Donald Trump, who is seeking peace in Ukraine, can help it in this.

Sources close to the bilateral talks suggest that restoring Russia's role as a gas supplier to the European Union could be part of a peace deal with President Vladimir Putin, Reuters reports.

The agency notes that although most European countries have found alternative energy sources, some recipients have stuck to Russian gas . "According to industry representatives, others may return to purchases if peace is reached," we read.

Moscow hopes that US involvement in the process of restoring supplies could help overcome political resistance from many European countries. European Commission President Ursula von der Leyen has clearly expressed her opposition to returning to Russian energy sources. "Some people still say that we should reopen the tap on Russian gas and oil. That would be a historic mistake, which we will never allow. Russia has repeatedly proven that it is not a reliable supplier," she said during a session of the European Parliament on 7 May.