Finance
Spain's Naturgy eyes talks with Yamal on impact of EU's Russian gas ban
Published by Global Banking & Finance Review®
Posted on February 18, 2026
2 min readLast updated: February 18, 2026
Quick Summary
Naturgy will open talks with Russia’s Yamal LNG to address the EU’s Russian LNG ban and may invoke force majeure on a 3 bcm/yr 2013 contract. With a full LNG ban due Jan 1, 2027, it is also pursuing up to 2 bcm in new supply.
Spain's Naturgy eyes talks with Yamal on impact of EU's Russian gas ban
MADRID, Feb 18 (Reuters) - Spain's Naturgy will hold talks soon with Russia's Yamal LNG, with a view to potentially declaring force majeure on their long-term supply contract due to an EU ban on Russian liquefied natural gas imports, a senior company official said.
The Spanish power utility entered into a long-term contract with Yamal in 2013 to import around 3 billion cubic metres of Russian LNG every year.
Talks are imminent but have not started yet, Manuel Garcia Cobaleda, Naturgy's general counsel, told journalists in a press conference after the company's annual results.
Referring to previous comments from EU Energy Commissioner Dan Jorgensen, 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.
"In order to comply with the contract and to be able to invoke force majeure, these conversations between the two parties, which have not yet begun, need to take place; there is time between now and January 2027 to do so," he said.
As part of its efforts to secure supply, Naturgy is considering new deals for up to 2 bcm of gas, according to a presentation published on Wednesday.
(Reporting by Pietro Lombardi. Editing by Mark Potter)
Key Takeaways
- •Naturgy plans talks with Yamal LNG to address the EU’s ban on Russian LNG and assess invoking force majeure.
- •The long‑term contract, signed in 2013, covers around 3 bcm of LNG per year.
- •Naturgy’s general counsel Manuel García Cobaleda said discussions are imminent and both parties must mitigate damages.
- •EU policy deems the ban a force majeure event; a full LNG import ban is due from January 1, 2027.
- •To secure supply, Naturgy is evaluating new gas deals for up to 2 bcm.
Frequently Asked Questions about Spain's Naturgy eyes talks with Yamal on impact of EU's Russian gas ban
1What is the main topic?
Naturgy plans to hold talks with Russia’s Yamal LNG about their long‑term supply contract after the EU moved to ban Russian LNG imports. The company may invoke force majeure and is seeking to mitigate impacts.
2Why is Naturgy considering force majeure?
EU rules phasing out Russian LNG create a legal barrier to fulfilling the contract. Naturgy says this constitutes force majeure, triggering duties on both sides to mitigate damages.
3What is the timeline for the EU LNG ban?
The EU has adopted a stepwise ban, with a full prohibition on Russian LNG imports starting January 1, 2027. Companies are preparing to unwind or renegotiate contracts before that date.
4How much gas is at stake and how will Naturgy replace it?
Naturgy’s Yamal deal is about 3 bcm per year under a 2013 contract. To maintain supply, the firm is weighing new agreements for up to 2 bcm.
