Russia may rethink its energy-supply commitments in light of the sanctions imposed following its invasion of Ukraine, according to Kremlin spokesman Dmitry Peskov.
“European leaders unanimously recognize that Russia is fulfilling all its contractual obligations without interruption and in full,” Peskov told reporters Wednesday. “But you see the hostile bacchanalia that the countries of the “collective West” have caused of course makes the situation very difficult and forces us to seriously think about this.”
The comments come just two days after Deputy Prime Minister Alexander Novak warned that Russia could halt flows along the existing Nord Stream 1 gas pipeline to Germany.
Russian gas flows to the European Union borders have rebounded in the past few weeks from the lows early in the year on additional demand. The fuel delivered under Gazprom’s long-term contracts have became cheaper than spot gas traded on the markets.
But even the partial recovery of exports to the continent hasn’t fully eased concerns of a potential halt to flows. Dutch futures jumped to a record on Monday, but prices are now plunging on signals that the EU is not looking into a ban on Russian imports.
Still, the region depends on Russian deliveries for more than 30% of its consumption and is now seeking to reduce that dependency by tapping new supplies, improving efficiency and using more renewables.
The U.S. just banned imports of Russian fossil fuels. Russian oil and petroleum products represented about 8% of the U.S. total last year. The UK has partially followed the ban on Russian energy imports, sparing gas.
Oil and fuel loadings in Russian sea ports continue according to schedule, according to crude-pipeline operator Transneft PJSC.