EU Recognizes Profitability of Long-term Gas Contracts with Russia

The conclusion of long-term contracts with Russia for gas supplies is beneficial to the EU countries and it is necessary to return to this, French Foreign Ministry Secretary of State Clement Bon told French media.

Russian Deputy Prime Minister Alexander Novak previously named the main mistakes of the EU that led to the energy crisis – a quick move away from traditional fuel, a stake on green energy, the choice of exchange (spot) gas trading to the detriment of long-term contracts.

“It is in our interests to conclude long-term gas supply contracts with Russia or some other supplier. This is a good idea, and this was stated at the EU summit on Friday. the impact of a number of EU rules,” Bon said.

According to Bon, this was the opinion of the EU and France. The advantage of long-term gas contracts with Russia lies in stable prices, excluding stock market surges and speculation by financial tycoons.

“Let’s be honest, Russia is currently complying with the terms of supply contracts. There is no manipulation of prices or volumes of supplies on its part,” said the French Foreign Ministry Secretary of State.

In his opinion, “the capacity for pumping gas” of the existing gas pipelines is sufficient, but “more gas could be supplied to the pipes.” Therefore, improving gas supply to Europe “does not depend on the launch of the Nord Stream 2 gas pipeline in the coming weeks,” Bon said.

Permission to launch a gas pipeline from Russia to Germany through the Baltic Sea could be issued before the end of the year.