The European Union will phase out its dependency on Russian gas, oil and coal imports as soon as possible, as set out in the Versailles Declaration, the Communiqué of the of two-day summit of the European Council says.

Based on the document, the European Council looks forward to the comprehensive and ambitious plan, elaborated in close coordination with Member States, that the Commission will submit to this effect by the end of May 2022. National circumstances and Member States’ energy mix will be taken into account.

Sustained high energy prices have an increasingly negative impact on citizens and businesses, which is further compounded by the Russian military aggression against Ukraine. The European Council discussed how to provide further relief to the most vulnerable consumers and how to support European businesses in the short term.

“The European Council reviewed the EU’s immediate term preparedness and tasked the Council to examine the proposals by the Commission on EU gas storage policy duly taking into account and addressing the interests of the Member States with significant storage capacity in order to ensure a fair balance. Refilling of gas storage across the Union should start as soon as possible, taking fully into account national preparedness measures,” reads the document.

The European Council proposed to work together on voluntary common purchase of gas, LNG and hydrogen, making optimal use of the collective political and market weight of the European Union and its Member States to dampen prices in negotiations.

As the meeting participants decided, the common purchases platform will also be open for Western Balkan countries and the three associated Eastern Partners (Ukraine, Georgia and Moldova).