Russia, Slovakia Discuss Gas Supplies in Wake of EU Ban

Gazprom CEO Alexei Miller has discussed Russian gas supplies to Slovakia with SPP CEO Vojtech Ferenc. SPP is Slovakia’s largest natural gas supplier, engaged in gas and electricity trading, transportation, and storage. Slovakia owns 100% of the company’s shares.

As we reported earlier, the European Commission has proposed ending Russian gas supplies to member countries by 2028. SPP said it disagreed with this plan, stating that “The political decision lacks a sufficient legal and financial analysis of the consequences and impact assessments of proposed measures to terminate Russian natural gas imports, which could have a significantly negative impact on the competitiveness of the EU’s business sector.”

The plan could also distort the free energy market and seriously threaten the security of the energy supply for some regions of the continent, including Central and Eastern Europe, SPP said.

Terminating long-term contracts might be viewed by Gazprom as a unilateral breach of contractual obligations, SPP said. “Under the ‘take-or-pay’ principle, if SPP or Slovakia stops importing Russian fuel from January 1, 2028, Gazprom could demand payment for the entire unrealized gas volume, which at current prices amounts to around €16 billion,” the company said on Tuesday (June 17).

Securing alternative gas supplies would occur under “significantly less favorable economic conditions,” it said.