Europe slashed its imports of Russian gas following Moscow's invasion of Ukraine in 2022, a move that saw Russian exporter Gazprom post a $7 billion loss the following year. U.S. President Donald Trump is pushing for peace in Ukraine, raising the prospects of a thaw in gas ties.

The European Union is set to propose measures to ban Russian gas imports by the end of 2027, as the bloc pushes to sever ties with the country that was once its biggest energy supplier.

The European Commission will next month propose legal measures to phase out the EU's imports of all Russian gas and liquefied natural gas by the end of 2027, it said on Tuesday.