The EU has declared independence from Russian energy resources, and gas prices have broken a psychological low.

As reported by the European Commission, this was achieved thanks to the EU’s plan to reduce gas consumption. It is noted that the EU has stopped importing coal and oil from the Russian Federation, and imports through other channels will be only a small fraction of the volumes before the war.

In addition, Russian gas is rapidly disappearing from the European market. The European Commission also expects that the demand for gas in the EU will fall more this year than its former import amount from the Russian Federation.

At the same time, gas exchange quotations fell below $300 per 1,000 cubic meters. According to the ICE exchange, the price of June futures at the TTF hub in the Netherlands fell to $297.06 per 1,000 cubic meters. This happened for the first time since May 20, 2021. Prices are falling amid oversupply, the large supply of LNG, high inventories, and falling demand.