The new regulation banning the import of natural gas from Russia across the entire European Union from autumn 2027 was published today in the Official Journal of the EU and has entered into force. This development accelerates efforts to develop the Vertical Energy Corridor and to leverage Greece’s geopolitical position in Europe’s drive to break away from Russian energy sources, using U.S. liquefied natural gas (LNG).
Under the new regulation, EU member states must prepare for the complete phase-out of Russian gas in a coordinated manner, allowing the market sufficient time to adapt without jeopardizing security of supply or causing a significant impact on energy prices. To this end, EU countries are required to draw up national gas diversification plans and submit them to the European Commission by March 1, 2026.
St. Papastavrou: The Vertical Corridor Is a Matter of National Importance
Commenting on these energy developments, Minister of Environment and Energy Stavros Papastavrou, speaking to ERT News, stressed that the decision to reduce dependence on Russian natural gas represents a shift in the balance of power in the wider region. He described it as an end to the paradox whereby Europe supports Ukraine on the one hand while financing Russia’s war through purchases of natural gas on the other. He added that the new reality offers Greece the opportunity to assume the role of an energy hub in Europe through the Vertical Corridor.
“The success of the Vertical Corridor changes the balance. It creates alternative routes for Europe, upgrades Greece’s role as a reliable energy hub in the region, and limits Turkey’s energy influence. It is a matter of national interest and a strategic choice,” he said. He emphasized that the Vertical Corridor is not only an unprecedented complex undertaking, but also more than just an energy project, as it opens up opportunities for trade, transport, and the broader economy.
Mr. Papastavrou further noted that the success of the energy corridor is an issue of national strategy, highlighted that the United States attaches particular importance to the success of the Vertical Corridor, and announced that on February 24, 2026, a meeting of the energy ministers of the countries involved will take place in Washington with U.S. officials, in order to accelerate the project.
A. Exarchou: Europe Must Support the Vertical Energy Axis
It is recalled that the Chairman and CEO of the AKTOR Group and CEO of ATLANTIC SEE LNG TRADE, speaking recently from Davos, noted that if EU member states truly intend to ban imports of Russian natural gas, they should already have moved to secure guaranteed volumes and prices through long-term contracts with alternative suppliers, such as the United States. Otherwise, he warned, if they wait until 2028 to make decisions, they risk finding themselves in a weakened negotiating position, calling for consistency between the EU’s rhetoric and actions.
Mr. Exarchou also stressed the need for immediate adaptation to the new reality and underscored the importance of subsidizing, supporting, and upgrading the Vertical Energy Axis and its infrastructure at the European level, in order to make the supply of U.S. LNG more cost-effective.
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