Search
00
GBAF Logo
trophy
Top StoriesInterviewsBusinessFinanceBankingTechnologyInvestingTradingVideosAwardsMagazinesHeadlinesTrends

Subscribe to our newsletter

Get the latest news and updates from our team.

Global Banking and Finance Review

Global Banking & Finance Review

Company

    GBAF Logo
    • About Us
    • Profile
    • Privacy & Cookie Policy
    • Terms of Use
    • Contact Us
    • Advertising
    • Submit Post
    • Latest News
    • Research Reports
    • Press Release
    • Awards▾
      • About the Awards
      • Awards TimeTable
      • Submit Nominations
      • Testimonials
      • Media Room
      • Award Winners
      • FAQ
    • Magazines▾
      • Global Banking & Finance Review Magazine Issue 79
      • Global Banking & Finance Review Magazine Issue 78
      • Global Banking & Finance Review Magazine Issue 77
      • Global Banking & Finance Review Magazine Issue 76
      • Global Banking & Finance Review Magazine Issue 75
      • Global Banking & Finance Review Magazine Issue 73
      • Global Banking & Finance Review Magazine Issue 71
      • Global Banking & Finance Review Magazine Issue 70
      • Global Banking & Finance Review Magazine Issue 69
      • Global Banking & Finance Review Magazine Issue 66
    Top StoriesInterviewsBusinessFinanceBankingTechnologyInvestingTradingVideosAwardsMagazinesHeadlinesTrends

    Global Banking & Finance Review® is a leading financial portal and online magazine offering News, Analysis, Opinion, Reviews, Interviews & Videos from the world of Banking, Finance, Business, Trading, Technology, Investing, Brokerage, Foreign Exchange, Tax & Legal, Islamic Finance, Asset & Wealth Management.
    Copyright © 2010-2025 GBAF Publications Ltd - All Rights Reserved.

    ;
    Editorial & Advertiser disclosure

    Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

    Home > Headlines > EU sticks to planned Russian oil exit by 2028, energy chief says
    Headlines

    EU sticks to planned Russian oil exit by 2028, energy chief says

    EU sticks to planned Russian oil exit by 2028, energy chief says

    Published by Global Banking and Finance Review

    Posted on September 5, 2025

    Featured image for article about Headlines

    By Kate Abnett

    COPENHAGEN (Reuters) -The European Union is sticking to its plans to phase out Russian oil by 2028, the bloc's energy chief told Reuters on Friday, adding that he had not faced pressure from Washington to bring forward this deadline.

    As U.S. President Donald Trump seeks to end Russia's war with Ukraine, he told European leaders on Thursday to stop buying Russian oil, a White House official said, without specifying a date.

    As Russia's most lucrative exports, its fuel revenues have helped Moscow to fund its war and the European Union is negotiating legal proposals to phase out the EU's imports of Russian oil and gas by January 1, 2028.

    Energy Commissioner Dan Jorgensen, who is responsible for the EU's energy policies, told Reuters he had not personally come under pressure from the U.S. administration to halt Russian oil purchases faster than the 2028 deadline, but would welcome U.S. backing for the EU plan.

    "Not only has Putin weaponised energy against us, blackmailed member states, we are actually also indirectly helping finance Putin's war, and that needs to stop. And if President Trump agrees to that, then that is only a welcome support, because that is certainly our main objective," he said in an interview.

    Hungary and Slovakia import around 200,000-250,000 barrels per day of Russian oil, equivalent to around 3% of EU oil demand.

    EU purchases of Russian gas remain far bigger. Europe is expected to purchase around 13% of its gas from Russia this year, down from roughly 45% before Russia's full-scale invasion of Ukraine in 2022, according to EU figures.

    Reuters has requested Kremlin comment on the Trump remarks quoted by the White House official.

    The United States has imposed punitive tariffs on India for its continued purchases of Russian oil, while India has accused the West of hypocrisy.

    HUNGARY AND SLOVAKIA OPPOSE PHASE-OUT

    Hungary and Slovakia continue to import Russian crude oil through the Druzhba pipeline, and have opposed the EU's phase-out plan - saying it would hike energy prices.

    Jorgensen said he was in talks with both governments about their concerns - but that, if needed, EU countries could approve the phase-out plans without them. He declined to confirm if Brussels would offer funding or legal guarantees to attempt to win the two countries' support.

    "If, for domestic reasons, there are countries that don't feel that they can support it, then this is not something that demands unanimity," Jorgensen said.

    The EU proposals are designed to be passed by a reinforced majority of member countries. EU diplomats told Reuters they expect countries' energy ministers to approve them at a meeting next month.

    Jorgensen will hold talks with U.S. energy secretary Chris Wright in Brussels next week, on the EU's pledge to buy $250 billion of U.S. energy supplies per year, as part of the U.S.-EU trade deal.

    Analysts have said the energy purchase pledge is unrealistically high - in part, because the EU has little control over the energy its companies import.

    Jorgensen said they would discuss options for how the EU and U.S. administrations can ensure the deal is implemented. For example, the Commission has said it could pool demand from European companies to buy more U.S. gas.

    "It's clear that our role is to facilitate. The EU is not a gas trader," Jorgensen said.

    (Reporting by Kate Abnett; editing by Jan Strupczewski and Barbara Lewis)

    Related Posts
    Analysis-Gold forecast to glitter again next year despite biggest gain since 1979
    Analysis-Gold forecast to glitter again next year despite biggest gain since 1979
    UK police plan tougher action against antisemitic chants and protests
    UK police plan tougher action against antisemitic chants and protests
    Explainer-What's next for the Gaza ceasefire and will the truce last?
    Explainer-What's next for the Gaza ceasefire and will the truce last?
    Warner Bros Discovery board rejects rival bid from Paramount
    Warner Bros Discovery board rejects rival bid from Paramount
    UK issues ultimatum to Abramovich over 2.5 billion pound Chelsea sale proceeds
    UK issues ultimatum to Abramovich over 2.5 billion pound Chelsea sale proceeds
    European parliament approves citizens' initiative to help abortion access across EU
    European parliament approves citizens' initiative to help abortion access across EU
    UK's Duke of Marlborough charged with intentional strangulation
    UK's Duke of Marlborough charged with intentional strangulation
    Ukraine says it controls 90% of Kupiansk, Russia denies it
    Ukraine says it controls 90% of Kupiansk, Russia denies it
    Freed Nobel laureate Bialiatski sees Belarus sliding back to Soviet times
    Freed Nobel laureate Bialiatski sees Belarus sliding back to Soviet times
    Cyberattack on French interior ministry's email servers compromised more than 20 files
    Cyberattack on French interior ministry's email servers compromised more than 20 files
    WTO chair rules out reform deal at next major meeting, document shows
    WTO chair rules out reform deal at next major meeting, document shows
    EU Parliament approves phase out of Russian gas imports
    EU Parliament approves phase out of Russian gas imports

    Why waste money on news and opinions when you can access them for free?

    Take advantage of our newsletter subscription and stay informed on the go!

    Subscribe

    Previous Headlines PostUBS CEO against reducing bank's size in face of regulatory concerns
    Next Headlines PostSwedish ex-national security adviser cleared in negligence case

    More from Headlines

    Explore more articles in the Headlines category

    Putin says Russia will achieve war goals, keep expanding 'buffer zone'

    Putin says Russia will achieve war goals, keep expanding 'buffer zone'

    Italy's Meloni says it's still 'premature' to sign EU-Mercosur trade deal

    Italy's Meloni says it's still 'premature' to sign EU-Mercosur trade deal

    Russian attack on Ukraine's Zaporizhzhia injures 26, governor says

    Russian attack on Ukraine's Zaporizhzhia injures 26, governor says

    Decline in UK industrial orders eases slightly, CBI says

    Decline in UK industrial orders eases slightly, CBI says

    Italy's Meloni says using frozen Russian assets for Ukraine 'far from easy' ahead of EU summit

    Italy's Meloni says using frozen Russian assets for Ukraine 'far from easy' ahead of EU summit

    UK announces four Syria sanctions de-listings, one under Iran sanctions regime

    UK announces four Syria sanctions de-listings, one under Iran sanctions regime

    How combative videographers fire up Britain's asylum hotel protests

    How combative videographers fire up Britain's asylum hotel protests

    UK police charge teenage boy with nine-year-old girl's murder

    UK police charge teenage boy with nine-year-old girl's murder

    Paris' Louvre reopens partially but staff vote to extend strike

    Paris' Louvre reopens partially but staff vote to extend strike

    Portugal's government to amend labour reform after general strike

    Portugal's government to amend labour reform after general strike

    Kremlin says Russia's position on European troops in Ukraine is known but open to discussions

    Kremlin says Russia's position on European troops in Ukraine is known but open to discussions

    UK will rejoin EU's Erasmus+ student exchange scheme

    UK will rejoin EU's Erasmus+ student exchange scheme

    View All Headlines Posts