With the EU So thank you again madam president for your personal friendship for your partnership and above all your leadership All of this is bringing the European Union United States even closer together And that's a win for all of us So I thank you all and I am now going to yield the podium The president pulled this out And you're listening to a live address from President Biden Speaking in Brussels alongside the European Commission president Ursula von der leyen the announcement of an agreement to try to wean Europe off its dependence on Russian energy and speaking now is the European Commission president Ursula von der leyen In Brussels this week at the NATO summit at the G 7 and at our European council sends a very powerful message to the world The transatlantic partnership stands stronger and more united than ever And we are determined to stand up against Russia's brutal war This war will be a strategic failure for Putin Our cooperation on the four successive waves of sanctions against Russia has been extraordinary and exceptional The sanctions are now working their way deep into the Russian system draining Putin's resources to finance this atrocious war Our work on sanctions also shows that when we act together we are stronger and we really can make a difference And we are continuing to reinforce our cooperation in many strategic ways On humanitarian and security assistance to Ukraine on energy and fighting the threats against our democracies on solving outstanding issues in the EU U.S. cooperation including a data protection and privacy In a world faced with disorder our transatlantic unity upholds fundamental values and rules that our citizens believe in Let me focus first on refugees Until now around three and a half million people have left Ukraine half of them children every second refugee is a child And the numbers will keep rising So together we are mobilizing massive resources to support those displaced by the conflict be it in Ukraine or in the neighboring countries Just this week for example I announced that the European Union will allocate an extra €3.4 billion for this purpose and more will come This demonstrates our deep support for Ukraine and its citizens And I want to tell the American people how grateful Europe is for their unwavering support This support also extends to strengthening Europe's energy security and independence from Russian fossil fuels As you know we aim to reduce this dependency on Russian fossil fuels and to get rid of it And this can only be achieved through of course first of all investment in renewables but also through additional gas supplies including LNG deliveries So we want as Europeans to diversify away from Russia towards suppliers that we trust that our friends and that are reliable And therefore the U.S. commitment to provide the European Union with additional at least 15 billion m³ of LNG this year is a big step in this direction Because this will replace the LNG supply recurrently received from Russia And looking ahead the United States and Europe will ensure stable demand and supply for additional at least 50 billion m³ of U.S. LNG until 2030 and if we look at that this amount 50 BC emperor here is replacing one third already of the Russian gas going to Europe today so we are right in on track now to diversify away from Russian gas and towards our friends and partners reliable and trustworthy suppliers We need to secure our supplies not just for next winter but also for the years ahead And this is an important big starting point to do that Our partnership aims to sustain us through this war to work on our independence from Russian fossil fuels but it also focuses on building a greener future with climate neutrality We will work together also with our energy intensive industry and the good news is that the infrastructure that we use for gas today can be used for clean hydrogen in the future so this investment we are doing right now is also an investment in the decarbonizing of our economy The corporation shows the power of our democracies I particularly welcome that we will step up our respective action on strengthening democracies the rule of law the freedom of media in the world and we also need to continue adapting our own democracies to a changing world This is particularly true when it comes to digitalization In which the protection of personal data and privacy has become so crucial And therefore I'm very pleased that we have found an agreement in principle on a new framework for transatlantic data flows This will enable predictable and trustworthy data flows between the EU and U.S. safeguarding privacy and civil liberties And I really want to thank commissioner reminders and secretary raimondo for their tireless efforts over the past month to finish a balanced and effective solution This is another step in our strengthening our partnership We managed to balance security and the right to privacy and data protection Mister president Diaz Putin is trying to turn back the clock to another era an era of brutal use of force of power politics of spheres of influence and internal repression I am confident he will fail We are working together To forge a peaceful prosperous and sustainable future And I know we will succeed Thank you very much The European Commission president Ursula von der leyen speaking alongside President Biden who addressed the group earlier this meeting earlier in Brussels there the announcement with both of them on an agreement to wean Europe off its dependence on Russian energy and let's take a deeper dive into this agreement and the latest developments were joined along with my co anchor Nathan Hager with Greg valier the chief U.S. policy strategist at AGF investment Greg another display of a united front your take this morning Well you're absolutely right I think the unity is really quite impressive As many people have commented and I would agree I don't think Vladimir Putin expected this kind of unity So it's a good sign But when it comes to all the energy stuff the devil will be in the details A lot to be worked out in terms of infrastructure to accept natural gas in Western Europe Yeah I'm no logistics expert but I can tell you that Germany for instance doesn't have an LNG terminal at least at the moment Exactly right Maybe in a couple of years they will But I don't think it's going to be imminent And that's a problem There's other issues as well including huge U.S. shipments to Asia will they have to slow will that drive China to burn more coal in many respects despite what Joe Biden said a few minutes ago This is not a good story for the environmental movement It relies even more on fossil fuels And Greg it's Nathan And I have to think that this announcement with the details still need to be worked out It can only add to the volatility we've seen in the energy markets What do you think is going to happen with the price of natural gas The price of oil with this going forward Well it should keep the price pretty elevated Nathan I don't know if it's going to go a lot higher but energy continues to be a big uncertainty I'd probably walk back and look at the big picture after what we've just heard and conclude that there is this remarkable unity that the Russians I think are facing a depression with a capital D over the next few months Yes wanted to ask a little bit about that because in the lead up even before the invasion there were a lot of questions about whether Germany in particular would be on board with tightening the kinds of energy sanctions that Ukraine in particular has been looking for Do you get the sense now after these emergency summits in Brussels that we are seeing more unity between the U.S. NATO and Europe when it comes to Russia Yes I do I think that the Germans still have to be persuaded on a lot of the LNG activity as we just discussed But I would say that most all of Europe is on board There are a lot of countries that aren't India isn't China probably isn't To me the key country in the next few weeks is going to be turkey of all places I think the Turkish prime minister could be an important intermediary So you're getting an awful lot of countries trying to help trying to bring this to a close Greg Ursula von der leyen saying at the end of her address there that the sanctions are.