European Commission Aims to Secure Additional Gas Supplies During Baku Visit
- July 18, 2022
- Posted by: Quatro Strategies
- Category: Energy
European Commission President von der Leyen will travel to Baku in order to look for additional gas supplies from Azerbaijan as the EU has been scrambling to find alternative energy suppliers amid Russia’s invasion of Ukraine, which prompted the bloc to reduce its reliance on Russian energy. The European Commission issued a statement confirming the visit, saying Russia’s continued weaponization of energy is pushing the EU to diversify its energy imports.
The Commission has already proposed the members a deal with Azerbaijan to increase imports of natural gas and support the expansion of a pipeline for deliveries.
The EU member states have already agreed on a gradual oil embargo on Russia.
Russia has stopped gas exports to several EU members including Poland, Bulgaria and Finland this year following their refusal to pay in roubles. Gas shipments via Ukraine have also been curtailed since Moscow’s Feb. 24 invasion.
Germany has been preparing for all scenarios, including a complete stop to Russian gas supplies even when the regular 10-day maintenance period on the Nord Stream 1 ends later this week.
Russia has denied refusal to continue gas supplies to Europe and says it has been fully complying with its contractual obligations.
Subscribe to Top Insights Today
The Executive Newsletter -Top Insights Today- puts global business events in perspective through special insights
Join the ranks of global executives and subscribe to Top Insights Today
Top Insights Today covers insights on energy, clean-tech, oil&gas, mining, rare earths, defense, aviation, infrastructure, manufacturing, electrical vehicles, big-tech, finance and politics of business