Europeans pledge to cut out Russian gas

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🗓️ 3 December 2025

⏱️ 6 minutes

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Summary

From the BBC World Service: European politicians have reached a provisional agreement to phase out imports of Russian gas by 2027. Exports of oil and gas have been crucial for Russia to fund its military campaign in Ukraine. Russia says Europe will be less competitive and that consumers will have to pay higher prices. Then, we'll check in on Japan's work-life balance and hear about a diamond-studded Faberge egg, which just sold at auction for $30 million.

Transcript

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0:00.0	Europe will end all imports of Russian gas by 27.
0:05.9	Live from the UK, this is the Marketplace Morning Report from the BBC World Service.
0:10.2	I'm William Lee Adams. Good morning.
0:12.8	The Kremlin has condemned a decision by the European Union to phase out imports of Russian gas by 27.
0:19.1	The European Council and the European Parliament have reached a provisional
0:22.2	agreement to end the imports within the next two years. Russia says Europe will be less competitive
0:27.0	and that consumers will have to pay higher prices. Let's get more now from the BBC's Nick Marsh,
0:32.3	Nick High. Hello, William. So what can you tell us about this agreement?
0:36.5	Basically, European officials have come together to agree to completely ban Russian gas imports by 2027.
0:45.7	It still needs some ratification with the EU Council, but it looks like it's going to be a pretty momentous change in energy policy for the European Union.
0:56.8	You know, it's been four years nearly since Russia launched its full-scale invasion of Ukraine.
1:02.3	And still every year, William, EU countries are paying around $10 billion for Russian gas.
1:08.5	I mean, the sanctions have been in there, but the change to energy policy
1:12.2	hasn't necessarily matched it completely. Now that this agreement has come in, the plan is to
1:18.4	phase out liquefied natural gas imports by January 27 and the pipeline gas imports. So often in the headlines when it comes to Germany, think of Nord Stream and Nord Stream 2 and all of that, those need to be phased out by November 27.
1:36.8	Just how dependent are European countries on Russian oil and gas?
1:41.7	It depends on the country. Germany was using a huge amount of Russian gas
1:47.0	in particular. Having to find new sources of energy is quite difficult. From the Russian point
1:54.0	of view, it's going to be a blow. You know, we're talking about 10 billion euros every year
1:58.7	of stable revenue. That is not going to be there anymore.
2:02.6	We saw with the oil exports, which have been cut drastically, Russia basically had to look for new
2:08.6	buyers. And India was one of the very willing buyers that it found getting lots of cut price
	...

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