Blake Leonard, president of wines and spirits at Stew Leonard’s, discussed consumer uncertainty on ‘Mornings with Maria’ amidst former President Donald Trump’s proposal to impose 200% tariffs on European alcohol.
The European Commission is developing a plan to halt Russian oil and gas imports due to criticisms of its significant reliance on energy supplied by Russian President Vladimir Putin. A spokesperson for the commission informed Fox News Digital that a vote on this proposal is anticipated on May 6, but the specific date could change. Anna-Kaisa Itkonen, a spokesperson for the commission, mentioned that the plan aims to gradually eliminate Russian fossil fuels from the European energy market, though further specifics were withheld. This proposal may include increasing imports of U.S. natural gas, as previously suggested by European Commission President Ursula von der Leyen.
The European Union (EU) currently depends on the United States for about half of its liquefied natural gas (LNG) supply. Former President Donald Trump previously emphasized that Europe should address the U.S. trade deficit by purchasing more American fuel supplies, asserting that their dependency on energy ensures that these purchases are necessary.
In the previous year, the EU expended approximately $23 billion on importing Russian oil and gas, a figure exceeding the $19.6 billion it allocated in financial aid to Ukraine. This disparity was highlighted by Trump during a congress address, where he criticized Europe’s higher spending on Russian energy as opposed to Ukrainian defense efforts.
In 2024, Russian materials constituted 19% of the EU’s gas and LNG, reduced from 45% pre-conflict, as the bloc introduced sanctions on Russian oil but refrained from penalizing gas imports financially. Natural gas exports from Russia slightly increased in 2024 to 16.5 million metric tons, compared to the 15.2 million metric tons recorded the previous year.
Despite Western restrictions on Russian crude and refined products, Russian oil exports have only decreased by 8% since the Ukraine conflict commenced. The Russian government has generated nearly $1 trillion in oil revenues since February 2022, utilizing a “shadow” fleet of 585 oil tankers to distribute its oil, often obscuring origins by purchasing aging vessels from European owners, reflagging them, and employing shell companies. Additionally, Russia exports oil to third-party countries that have not imposed sanctions on Moscow, which then resell the oil to Western nations.
The proposal was initially set for release in March but faced delays, partly due to resistance from Hungary and Slovakia, countries that rely on Russian fuel imports. Hungary, sympathetically aligned with Russia’s war efforts, has threatened to block gas sanctions, which require consensus from all 27 EU member nations.
According to Argent LNG CEO Jonathan Bass, the EU faces challenges in securing new gas agreements while adhering to its net-zero emissions target. Bass highlighted complications arising from EU regulations mandating the phase-out of gas by 2050, or sooner in Germany’s case by 2040, suggesting these goals be potentially extended to provide European companies sufficient time to negotiate contracts with American producers.
