Slovakia's SPP gas importer has warned that the country could face a fine of up to 16 billion euros if it stops its long-term gas deal with Gazprom under the European Union (EU)'s plan to eliminate Russian gas.
Under the plan to phase out RE PowerEU fossil fuels, the EU aims to eliminate the bloc's dependence on Russian fossil fuels by 2028. The law would ban new gas deals with Russia in 2026 and long-term deals by the end of 2027.
The European Commission said that these would be legal measures to allow European companies to declare force majeure, thereby aiming to terminate contracts with Russia without being subject to punishment.
SPP has a deal with Gazprom until 2034, stating on June 17 that, even with force majeure vienares, the Russian energy giant could still demand compensation from the company if the EU's sweeping import ban comes into effect.
Slovakia has repeatedly stressed the risk of cutting Russian energy supplies, warning that this could push up prices across Europe and undermine energy security.
Slovakia, along with Hungary, Austria and Italy, have reportedly opposed Russian gas sanctions, which require the consent of all EU member states to be approved. Slovakian Prime Minister Robert Fico criticized the plan to eliminate Russian gas as an "economic suicide".
Western media noted that, unlike the sanctions, the plan to phase out Russian energy is expected to be issued in the form of a trade law, requiring the support of 15 out of 27 EU members to pass.
Slovakia's energy structure makes the country vulnerable. About 85% of the country's gas consumption is imported from Russia. In February this year, Slovakia began receiving gas from Russia via the TurkStream gas pipeline after Ukraine stopped gas transit due to the expiration of its current contract, thereby avoiding a domestic energy crisis.
Slovakia has also reduced gas imports from Russia due to Western sanctions against Russia following the conflict in Ukraine and the sabotage of the Nord Stream pipeline in 2022.
In other relevant developments, within the framework of the 28th St.Petersburg International Economic Forum (SPIEF) in Russia, Gazprom CEO Alexey Miller and SPP CEO Wojtec Ferenc discussed the supply of Russian gas to Slovakia. The issue of Russian gas supply to Slovakia was discussed at the meeting, Gazprom said in a statement.
