The European Union intends to phase out its dependence on Russian oil and gas by diversifying supplies and gradually moving away from using fossil-fuel resources, according to the statement released on Friday following the EU summit in Versailles.

"We have agreed to phase out our dependence on Russian gas, oil and coal imports as soon as possible," according to the statement.

The EU specifically intends to expedite reducing its overall dependence on fossil fuels, diversify supplies and routes by utilizing LNG, and develop biogas as well as further develop the hydrogen market in Europe.