FT: Europe strives to wean itself on dependence on Russian gas

An interim gas deal between Ukraine and Russia has been in the works. If a new price and a timetable for paying off $5.3bn in gas debts can be agreed – at the time of publishing, although progress had been made, a final deal had not been reached – there is hope that large areas of Europe will not be shivering in the cold this winter.

Efforts to end the row have collapsed several times and take place in the shadow of a wider political crisis. The annexation of Crimea this year and the subsequent sanctions on Moscow have forced Europe to face up to the extent of its dependence on Russian energy exports.

Patryk Figiel, a Poland-based lawyer for Linklaters, says: “Despite geopolitical tensions with Russia, from an industry perspective, it was thought that [Russian President Vladimir] Putin would not put at risk the country’s gas contracts. But sentiment has changed.”
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