IMF says Europe to phase out all remaining Russian fossil fuels by 2030

European countries will be able to completely abandon Russian gas by 2030, according to IMF's report headlined "The Energy Security Gains from Strengthening Europe’s Climate Action."

Report informs citing the document that Russia's share of gas imports in the European Union decreased from 41% in 2021 to 15% in the first 10 months of 2023.

The Foundation bases its document on monthly Eurostat reports. It notes that Germany has reoriented its natural gas imports to Norway, whose share has increased from 19% to 60%, and to countries such as Belgium and the Netherlands.

Imports of Russian gas also decreased by more than 15% in Croatia, Estonia, Finland, Latvia, the Netherlands, Poland, Portugal and Sweden.

Europe is expected to import more fossil fuels from the US. Higher prices will push the EU to increase energy production, which will reduce the import dependence ratio by 1.2 percentage points.