Italy's premier to sign gas deal with Algeria amid war

Italian Premier Mario Draghi is traveling to Algeria to sign a deal for more natural gas as European Union countries urgently seek alternative energy sources following Russia’s invasion of Ukraine

MILAN -- Italian Premier Mario Draghi travels to Algeria on Monday to sign a deal for more natural gas, the latest push by a European Union country to acquire alternative energy sources to reduce dependence on Russia following its invasion of Ukraine.

Russia is Italy’s biggest supplier, representing 40% of total imports, followed by Algeria, which provides some 21 billion cubic meters of gas via the Trans-Mediterranean pipeline. The new deal would add an additional 9 billion cubic meters of gas from Algeria, just eclipsing Russia’s 29 billion cubic meters a year.

Europe is trying to cut its reliance Russian natural gas imports quickly, with leaders recognizing that their payments help fund Moscow's war. At the same time, there is concern Russia might turn off the taps in reprisal for sanctions, a threat that would have devastating effects on the European economy. Natural gas is used to generate electricity, heat and cool homes and power industry.

Russian President Vladimir Putin has already sought to have gas payments be made in rubles, in an apparent bid shore up the currency.