US, EU vow to combat any attempts at disrupting energy markets

THE US and European Union (EU) pledged on Tuesday (Apr 4) to confront any attempts to destabilise global energy markets, after meeting in Brussels to discuss the impact of Russia’s invasion of Ukraine.

Cooperation on energy between the US and EU has intensified since Russia slashed petrol deliveries to Europe. The reduction came after its invasion of Ukraine last year.

This plunged the continent into a crisis over energy supplies and record-high prices.

European politicians have accused Russia of “weaponising” its energy supplies; the US and EU have imposed sanctions on Russian goods including coal and oil; there is also a G7-organised price cap on seaborne Russian oil.

“The two sides reiterated their strong commitment to directly confront, with adequate measures, all efforts to further destabilise the global energy situation and to circumvent sanctions,” the US and EU said in a joint statement.

Europe has so far managed to replace most of the gas it previously got from Moscow, aided by a jump in imports from other suppliers, a rapid build-up of renewable energy, warm winter weather and EU policies that curbed overall petrol use.

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The US delivered 56 billion cubic metres of liquefied natural gas (LNG) to the EU in 2022, more than doubling the previous year’s deliveries and making Europe the top destination for American LNG supplies.

The US-EU statement said the two sides will intensify cooperation to cut reliance on Russia for nuclear fuel and services. They will also hold a joint meeting this year to promote advanced technologies such as small modular reactors.

The EU has not sanctioned imports of Russian gas or nuclear fuel, which some of the 27-country bloc’s members rely on.

Russia supplied 20 per cent of EU nuclear power plants’ uranium – their main fuel – in 2021, and 31 per cent of their uranium-enrichment services, according to the Euratom Supply Agency.

The US imported 35 per cent of its uranium from Kazakhstan the same year, with 15 per cent from Canada, and 14 per cent from Australia. It imported 14 per cent from Russia. REUTERS