The European Union is about to abandon gas contracts with Russia

 

The European Union plans to change the strategy for concluding gas contracts and improve the European Union’s energy security, Bloomberg reports.

It should be noted that the European Union, in particular, seeks with its decision to limit the extension of long-term contracts for gas imports by EU members and to strengthen control over the level of fuel in their storage facilities.

According to the draft document, which is scheduled to be officially published on December 15, the European Union will take measures to establish a high level of filling gas storage facilities at the beginning of the heating season. This decision is largely driven by the very low level of this indicator over the past 10 years – the occupancy rate has been just 72%. This circumstance was cited as one of the main reasons for the recent rise in gas prices in Europe.

Also, the EU intends to require EU countries to assess risks and make specific decisions if foreign companies own gas storage facilities. In particular, states will have to set their own occupancy levels.