The 27-member European Union has agreed to jointly buy gas, hydrogen and liquefied natural gas to address soaring energy prices fueled by Russia's invasion of Ukraine.

EU countries reached this decision as a way to reduce energy dependence on Russia during a summit meeting that was also attended by U.S. President Joe Biden and NATO and G7 leaders.

The European Commission, the EU's executive branch, will gather purchase demands for gas from member states and lead negotiations. 

Non-EU members including Ukraine, Georgia and Moldova can also take part in the joint purchase.

The bloc will also jointly store gas in advance to prevent winter shortages. Underground gas tanks currently 25 percent full will be filled up to 80 percent by November and 90 by next year.

Commission president Ursula von der Leyen said the joint purchase plan will boost bargaining power.

The U.S. has also pledged to provide Europe with 15 billion cubic meters of liquefied natural gas by the end of the year.

But the EU did not reach an agreement on a complete import ban on Russian energy or introducing a ceiling on energy prices due to differing views among individual members.