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Russian Sues EU in WTO over 3rd Energy Package
4.05.2014 12:21
Russian Sues EU in WTO over 3rd Energy Package
Photo Credit: http://www.vlahovicgroup.com

Russia has complained to the World Trade Organization about the Third Energy Package after exhausting diplomatic means of resolving the tension.

      According to Lenta.ru, an online media outlet, Russia insists that the legislation is a violation of the EU’s WTO commitments in terms of free market access and non-discrimination.

      Moscow believes the unbundling clause would significantly harm the performance of its natural gas monopoly, Gazprom. According to Sergey Komlev, Head of Contract Structuring and Pricing of Gazprom Export, Gazprom is a holder of long-term contracts with take-or-pay obligations that guarantee sales of 4 tcm of gas to Europe and revenues close 1 trillion Euros at current prices up to 2035.

      Gazprom says there are at least three risks arising from a drastic model change: loss of property and operational rights, and risks of losing revenue due to pricing model adjustments.

      The EU has relied heavily on gas supplies from Russia but has been reluctant to change its rules.

       




Author: Mikhail Vesely

Tags: Gazprom Russian economy    

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