📖 Your Q2 Earnings Guide: Discover the Stocks ProPicks AI Highlights to Jump Post-EarningsRead more

US, EU vow to combat any attempts to disrupt energy markets

Published 04/04/2023, 06:48 AM
Updated 04/04/2023, 06:51 AM
© Reuters. U.S. Secretary of State Antony J. Blinken and European Union High Representative for Foreign Affairs and Security Policy Josep Borrell speak to members of the media ahead of a EU-US Energy Council Ministerial Meeting in Brussels , Belgium April 4, 2023. T
NG
-

By Kate Abnett

BRUSSELS (Reuters) - The U.S. and EU pledged on Tuesday 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 United States and the European Union has intensified since Russia slashed gas deliveries to Europe 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 and the U.S. and EU have imposed sanctions on Russian goods including coal and oil, as well as 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," they 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-out of renewable energy, warm winter weather and EU policies that curbed overall gas use.

The U.S. 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 U.S. LNG supplies.

The U.S.-EU statement said the two sides would also intensify cooperation to cut reliance on Russia for nuclear fuel and services, and 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.

© Reuters. U.S. Secretary of State Antony J. Blinken and European Union High Representative for Foreign Affairs and Security Policy Josep Borrell speak to members of the media ahead of a EU-US Energy Council Ministerial Meeting in Brussels , Belgium April 4, 2023. The U.S. Secretary of State will take part later today in a two days Nato foreign ministers council.    Olivier Matthys/Pool via REUTERS

Russia supplied 20% of EU nuclear power plants' uranium - the main fuel for them - in 2021, and 31% of their uranium enrichment services, according to the Euratom Supply Agency.

The United States imported 35% of its uranium from Kazakhstan the same year, with 15% from Canada, 14% from Australia and 14% from Russia.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.