EU to table proposals by May end to phase out dependency on Russian energy by 2027

European Union on Friday (local time) said that it will table proposals by the end of May to phase out the dependency of European Nations on Russian gas, oil and coal by 2027.

President of the European Commission, Ursula von der Leyen in a tweet wrote, "By end of May we will propose to phase out our dependency on Russian gas, oil and coal by 2027. It will be backed by the necessary national and European resources. And we'll present options to optimise the electricity market design, so it better supports the green transition."

The EU has also announced a Macro-Financial Assistance (MFA) programme for Ukraine at this time of war. European Union on Friday (Local Time) disbursed EUR 300 million, the first payment of a EUR 1.2 billion package to support war-torn Ukraine.

This is the initial part of the first EUR 600 million instalments under Ukraine's new EUR 1.2 billion emergency MFA programme. A further disbursement of EUR 300 million is expected to take place next week. The programme represents a concrete demonstration of the EU's unwavering support for Ukraine, an EU statement read.

"The disbursement of funds has been fast-tracked to help enhance Ukraine's macroeconomic stability in the context of Russia's unprovoked and unjustified invasion," said the EU statement.The disbursement comes following a swift adoption of the Commission's proposal for a new emergency programme by the Council and the European Parliament.

On February 24, Russia launched a special operation in Ukraine in response to calls from the Donetsk and Luhansk people's republics to defend themselves against intensifying attacks by Ukrainian troops.

( With inputs from ANI )

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor