European Commissioner For Energy Says Russia Sticks To Long-Term Gas Contracts With Europe

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European Commissioner for Energy Says Russia Sticks to Long-Term Gas Contracts With Europe

Russia adheres to long-term contracts for the supply of gas to Europe, with no additional capacity being reserved despite the sharp rise in prices, Kadri Simson, the European Commissioner for Energy, said on Wednesday

MOSCOW (UrduPoint News / Sputnik - 06th October, 2021) Russia adheres to long-term contracts for the supply of gas to Europe, with no additional capacity being reserved despite the sharp rise in prices, Kadri Simson, the European Commissioner for Energy, said on Wednesday.

"Long-term contracts from Russia are respected, no extra capacity was booked, despite the rising prices," Simson said during the European Parliament plenary session on Wednesday.

The European Union has seen a spike in natural gas prices over the past few months, driven by growing energy demand amid an economic recovery from months of lockdowns and a limited supply. On Wednesday, the price of gas futures in Europe broke a new record, exceeding $1,650 per 1,000 cubic meters.