Finance
Naturgy warns $13 billion in Russian LNG purchase commitments may be hit by EU ban
Published by Global Banking & Finance Review®
Posted on February 25, 2026
2 min readLast updated: February 25, 2026
Tags:European Union
Quick Summary
Spain's Naturgy says €10.95bn in Russian LNG commitments may be hit from 2027 under the EU ban. Its Yamal take-or-pay deal is 38 TWh/yr to 2041 (about 16%). Talks and potential force majeure are planned.
Naturgy flags €10.95bn Russian LNG deals at risk from looming EU ban
By Pietro Lombardi
EU Ban Impact on Naturgy’s LNG Contracts
MADRID, Feb 25 (Reuters) - Spain's Naturgy has 10.95 billion euros ($13 billion) in Russian liquefied natural gas purchase commitments that may be affected from 2027 by a European Union ban on Russian LNG, its annual report showed.
Scale of Purchase Commitments
This amount represents less than a quarter of its total commitments for energy purchases, which it estimates at roughly 45.13 billion euros.
Terms of Yamal LNG Deal
The Spanish power utility entered into a long-term contract with Yamal LNG in 2013 to import LNG from Russia, which includes take-or-pay clauses for 38 terawatt-hours per year through 2041, according to the report.
Share of Supply Affected
Last year, this contract represented roughly 16% of its total supply, in line with 2024.
A spokesperson for Naturgy declined to comment.
Talks and Force Majeure
Last week, Naturgy's general counsel Manuel Garcia Cobaleda said the company will hold talks soon with Yamal LNG, with a view to potentially declaring "force majeure" on their long-term supply contract due to the EU measures.
Garcia Cobaleda said the ban amounted to force majeure - an unforeseeable event that can release companies from a contract.
Mitigating Damages Obligations
That obliges the parties to "make an effort to mitigate the resulting damages," he said.
Compliance With Contract Volumes
The company has repeatedly said that, since the beginning of the war in Ukraine, it has only imported the volumes foreseen in the contract.
Exchange Rate Reference
($1 = 0.8475 euros)
(Reporting by Pietro Lombardi; Editing by David Latona, Alexandra Hudson)
Key Takeaways
- •Naturgy has €10.95bn in Russian LNG purchase commitments that could be affected from 2027 by the EU ban.
- •These commitments are under a quarter of total energy purchase obligations of about €45.13bn.
- •A 2013 Yamal LNG deal includes take-or-pay for 38 TWh per year through 2041, about 16% of supply.
- •Naturgy may pursue force majeure due to EU measures, with both sides obliged to mitigate damages.
- •Since the Ukraine war began, Naturgy says it has only imported contractually agreed volumes.
Frequently Asked Questions about Naturgy warns $13 billion in Russian LNG purchase commitments may be hit by EU ban
1What is the main topic?
Naturgy warns that €10.95bn in Russian LNG purchase commitments could be impacted from 2027 by the European Union's ban on Russian LNG, raising legal and supply risks.
2When could the EU ban affect Naturgy's Russian LNG supplies?
From 2027, when EU restrictions on Russian LNG take effect. Naturgy is preparing talks with Yamal LNG and may consider invoking force majeure depending on the final rules.
3What is a take-or-pay clause and why does it matter here?
A take-or-pay clause obliges the buyer to pay for agreed volumes even if not taken. Naturgy's Yamal contract includes 38 TWh per year through 2041, making potential curtailments financially sensitive.
