Reuters: EU considers options to ban new Russian gas contracts

The European Commission is assessing whether it can legally ban EU firms from signing new contracts for the supply of Russian fossil fuels.

Source: Reuters with reference to a senior EU official 

Details: The Commission is considering options, potentially including trade measures that could ban European companies from signing new contracts for Russian fuel, the official said.

The ban on new contracts aims to reduce European companies' spot purchases of Russian liquefied natural gas (LNG).

The official added that the Commission is also working on legal options that would allow EU companies to terminate existing gas supply contracts with Russia without incurring penalties.

As some member states have vowed to block any EU sanctions on Russian gas, the European Commission is instead considering other tools that could speed up the end of Europe's dependence on Russian energy.

It plans to set out options for this in a road map to be published on 6 May.

The Commission has said that any measures to restrict Russian energy imports should hurt Moscow more than the EU and take into account the impact on Europe's energy security and fuel prices.

Background: Meanwhile, European Commission officials abandoned the idea of including a ban on Russian LNG imports in sanctions packages against Russia, as some member states vowed to block the restrictions.

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