- U.S. President Joe Biden and European Commission President Ursula von der Leyen announced the formation of a task force to reduce Europe's reliance on Russian oil.
- The U.S. will supply 15 billion cubic metres of liquefied natural gas (LNG) to European Union in 2022.
- Russia supplies 41% of the European Union's gas needs, amounting to 155 bcm, Reuters reported.
- The U.S. and EU affirm joint resolve to terminate EU dependence on Russian fossil fuels by 2027.
- Russia's war on Ukraine has sent oil prices towards the north, with countries grappling for supplies and facing pressure to cut economic ties with Russia.
