The European carbon market saw a rebound on Tuesday, managing to win back all of the losses from the previous trading session. After reaching an intra-day high of €69,68, a level last seen a month ago, the EUAs closed the day with a 2,67% gain. The upward trend continued in Wednesday morning’s session, with Dec ’25 contracts trading well above the €70 mark.

The change of direction came amid rising gas prices, with the TTF front month gaining as much as 6,7% after the European Union confirmed its plan to ban all Russian gas imports by the end of 2027, ending five decades of reliance. Still, “the EU believes that its plan to phase out Russian gas will only have a limited impact on prices, as a new wave of LNG supply hits the market”, said Bloomberg. 

“No more will we allow our member states to be blackmailed. No more will we indirectly help fill up the war chest in the Kremlin,” told during a news conference Dan Jorgensen, the EU’s energy commissioner.

According to recent data, Russia remains an important gas supplier, despite a massive drop following the invasion of Ukraine. Pipeline gas deliveries to the EU, declined from 155 bcm in 2021 to under 40 bcm in 2024. However, Russia accounted for 18,8% of European gas imports, behind Norway with 33,6% and ahead of the US with 16,7%.

However, Turkstream, which runs under the Black Sea, is currently the only pipeline bringing Russian gas to Europe, experienced a 16% rise in volume in the first quarter of 2025, amid higher demand from Hungary and Slovakia.