EU lays plan to end by 2027 bloc’s reliance on Russian oil and gas

The European Union published plans on Wednesday to end its reliance on Russian gas, oil and coal by 2027, laying out measures to expand renewable energy faster, save more energy and hike imports of non-Russian fuels.

Gas heat homes, produces electricity and powers factories across Europe. The EU is gradually weaning itself off the fossil fuels causing climate change, but for now Russia supplies 40 per cent of its gas and 27 per cent of its oil imports — a heavy dependency that the EU vowed to end after Moscow invaded Ukraine.

To speed up the green shift, the European Commission proposed that 45 per cent of EU energy should be renewable by 2030, replacing its current 40 per cent proposal. The EU got 22 per cent of its gross final energy consumption from renewable sources like wind, solar and biomass in 2020.

Meanwhile, nearly 700 more Ukrainian fighters surrendered at the Mariupol steelworks in the past 24 hours, Russia said on Wednesday, but leaders were reported to still be holed up inside, delaying the final end of Europe’s longest and bloodiest battle for decades.

A Russian soldier facing the first war crimes trial since the start of the war has pleaded guilty to charges of killing a Ukrainian civilian. Sgt Vadim Shyshimarin pleaded guilty to the charges during his trial in Kyiv on Wednesday.

Meanwhile, the US, several global development banks and other groups on Wednesday unveiled a multi-billion dollar plan to stave off a worldwide food security crisis worsened by Russia’s war in Ukraine, a key danger facing an increasingly fragile world economy.

Google’s Russian arm to file for bankruptcy

Google’s Russian subsidiary plans to file for bankruptcy after the authorities seized its bank account, making it impossible to carry on operations, a Google spokesperson said on Wednesday.

Alphabet’s Google has been under pressure in Russia for months for failing to delete content Moscow deems illegal and for restricting access to some Russian media on YouTube, but the Kremlin has so far stopped short of blocking access to its platforms.

“The Russian authorities seizure of Google Russia’s bank account has made it untenable for our Russia office to function, including employing and paying Russia-based employees, paying suppliers and vendors, and meeting other financial obligations,” a Google spokesperson said.

“Google Russia has published a notice of its intention to file for bankruptcy.” (Reuters).

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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