Spain’s energy group Naturgy has warned that nearly 10.95 billion euros ($13 billion) in long-term liquefied natural gas purchase commitments from Russia could be affected if the European Union proceeds with a planned ban on Russian LNG from 2027.
The disclosure was made in the company’s latest annual report, which noted that the Russian-linked contracts account for less than a quarter of Naturgy’s total estimated energy purchase commitments of 45.13 billion euros.
Naturgy signed a long-term supply agreement in 2013 with Yamal LNG to import 38 terawatt-hours of LNG annually through 2041 under take-or-pay terms.
The contract represented about 16% of the company’s total gas supply last year, broadly unchanged from 2024 levels, underscoring its continued reliance on the arrangement.
The potential EU restrictions, part of broader measures targeting Russian energy exports following Moscow’s invasion of Ukraine, could force a renegotiation of the deal.
Naturgy’s general counsel, Manuel Garcia Cobaleda, said the company plans to open talks with Yamal LNG and may consider invoking force majeure if the ban takes effect.
He argued that the EU’s proposed prohibition would constitute an unforeseeable event, potentially releasing the company from its contractual obligations.
Under such a declaration, both parties would be required to mitigate resulting damages, he added.
Naturgy has maintained that since the start of the Ukraine war it has only imported volumes stipulated under the contract.
A company spokesperson declined further comment on the matter.