EU seeking ways to terminate gas contracts with Moscow without penalties

The European Union is exploring ways to annul gas contracts with Russia without incurring fines, the Financial Times reports, citing its sources.

“Brussels is examining legal options that would allow European companies to terminate long-term contracts for Russian gas supplies without paying significant penalties to Moscow,” the publication states.

As noted, this issue is viewed as part of a roadmap for phasing out reliance on Russian energy resources. This roadmap was announced in January by European Commission representative Anna-Kaisa Ikonen. She noted that the EU commissioner for energy was expected to present the document within the first hundred days of the EU’s operation, starting from Dec. 1, meaning in the first half of March. Bloomberg reported the plan is set to be published on May 6.