Violations of gas contracts between the EU and Russia are estimated at approximately EUR 18.5 billion. Stopping imports of fossil fuels from Russia requires decisive steps within the EU - this is the presentation of a clear roadmap for the corresponding abolition and assistance to companies that need to prove the change of circumstances after 2022.
Reports UNN with reference to Reuters.
The EU aims to end fossil fuel imports from Russia. As part of this, a roadmap for the gradual termination of the European Union's gas ties with Russia is expected to be announced tomorrow.
It should be noted that since the start of Russia's full-scale war in Ukraine, Gazprom and European companies have filed lawsuits over broken gas contracts and missed payments.
The cost of these disputes is approximately EUR 18.5 billion (USD 21 billion)
Contracts with Russian gas company Gazprom contain "take or pay" clauses, which require buyers who refuse gas supplies to pay up to 95% of the contracted volumes.
On the one hand, legal experts have said that sanctions on Russian gas imports are the most effective measure to phase out Russian gas.
This would require the unanimous approval of all 27 EU countries, but Slovakia and Hungary have sought to maintain close political and business ties with Russia, and the latter has promised to block energy sanctions
At the same time, the EU should focus on helping companies confirm the grounds for reviewing and potentially terminating Russian contracts - due to changes in circumstances due to the actions of the Russian Federation, starting in 2022. This is stated in a commentary by David Haverbeke, a partner at the law firm Fieldfisher.
I would try to rely on EU regulations adopted since 2023 and refer to difficulties based on changes in the regulatory framework
Another option may be to enforce future purchases of Russian LNG through an EU joint procurement scheme and set a maximum quota on the volumes that can be purchased, Haverbeke added.
Let us remind you
From January 1, 2025, Ukraine stopped the transit of Russian gas through its territory. The EU declares its readiness for changes.
Europe is discussing the resumption of gas imports from Russia amid concerns about dependence on the United States. Germany is calling for the return of gas supplies to support industry.