The European Union’s strategy to phase out Russian gas imports is currently on hold. Messages from the U.S., combined with market conditions, are leading to delays in key decisions. Initially, the EU set a goal to end Russian gas imports by 2027 at the latest. The Commission had planned to release a roadmap in early 2025 outlining intermediate steps. However, recent political developments have changed the landscape. President Trump has left open the possibility of future cooperation with Russia and lifting some sanctions imposed in recent years. Consequently, several EU governments are considering resuming Russian gas supplies, albeit at reduced volumes compared to the past. There are also rumors about restarting the Nord Stream pipeline connecting Russia and Germany, pending the outcome of German elections. This week, Trump sent a letter to Bulgarian President Rumen Radev, known for his pro-Russian stance. Trump highlighted Bulgaria’s role in regional energy supply, which supports Russian interests as the country transports large quantities of gas via the TurkStream pipeline. Amid this uncertain environment, the Commission does not want to commit the EU to a path that may prove unrealistic later. This likely explains why the announcement of the roadmap to cut Russian gas was postponed again, originally scheduled for March 26. No new date has been set. Brussels has also relaxed the mandatory requirement to fill gas storage to 90% by the start of each winter, extending it by two years while adding flexibility and exceptions for member states. Greek Minister Theodoros Skylakakis recently emphasized the need to curb market speculation at a central level. While easing the storage target might help somewhat, speculative capital continues to strongly influence the price of the European TTF benchmark.