Bankinter | The European Union announces the end of Russian gas imports. A provisional agreement has been reached that will allow for the permanent cessation of liquefied natural gas imports by 31 December 2026, and pipeline imports by 30 September 2027. Finally, it reiterates its commitment to ensuring the elimination of all oil imports by the end of 2027.
Bankinter analysis team’s view: This is good news because it represents a firm commitment, although it does envisage a fairly long time frame. The EU has been reducing its purchases of Russian gas in recent years. In October 2025, they accounted for 13% of the total, compared to 19% in 2024 and 45% in 2021. In the specific case of Spain, Russian gas imports account for 10.5% of the total. The key is to be able to secure reliable sources of gas. Currently, the main suppliers are Norway, the United States, Algeria, Qatar and Azerbaijan. In the case of oil, although an end to purchases has already been agreed, the reality is that there are some specific exceptions, which means that 3% of the oil purchased by Europe comes from Russia.
