Shares of European oil majors were higher in recent Wednesday premarket activity after the European Commission announced a plan to permanently halt Russian gas imports and phase out Russian oil under a provisional political agreement.

Liquefied natural gas imports from Russia will end by Dec. 31, 2026, and pipeline deliveries by Sept. 30, 2027, with a possible extension to Nov. 1, 2027, if storage targets are not met, the Commission said.

For contracts signed before June 17, LNG and pipeline supplies will be cut in 2026 while long-term LNG deals may run until Jan. 1, 2027, and pipeline contracts until late 2027 under strict volume and price limits, the EC said.

EU countries must file diversification plans by March 1, 2026, detailing how they will shift away from Russian gas and oil and disclose any remaining Russian supply contracts or national bans, the Commission added.

Shares of Eni (E) were up over 1.3%, shares of TotalEnergies SE (TTE) rose by more than 1.1%, Equinor ASA (EQNR) stock was up by 1.6%, Shell plc (SHEL) share price increased by roughly 1%, while shares of BP p.l.c. (BP) went up by approximately 1.4% in recent Wednesday premarket activity.