Published by Global Banking & Finance Review®
Posted on February 25, 2026
2 min readLast updated: April 2, 2026
Add as preferred source on GoogleSpain'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.
By Pietro Lombardi
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.
This amount represents less than a quarter of its total commitments for energy purchases, which it estimates at roughly 45.13 billion euros.
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.
Last year, this contract represented roughly 16% of its total supply, in line with 2024.
A spokesperson for Naturgy declined to comment.
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.
That obliges the parties to "make an effort to mitigate the resulting damages," he said.
The company has repeatedly said that, since the beginning of the war in Ukraine, it has only imported the volumes foreseen in the contract.
($1 = 0.8475 euros)
(Reporting by Pietro Lombardi; Editing by David Latona, Alexandra Hudson)
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.
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.
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.
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