Gasum will no longer import Russian LNG following EU sanctions issued in June which prohibit the purchase of imported LNG from Russia through EU terminals that are not connected to the EU gas network came into force today.
Although Gasum has a long-term LNG supply contract with Gazprom Export which was concluded before 2022, it is a so-called ‘take-or-pay’ agreement, which means that Gasum has been obligated to pay for a certain amount of gas each year to Gazprom Export, whether collected or not, according to a statement.
The sanctions adopted by the EU do not allow Gasum to terminate its agreement with Gazprom Export but constitute a force majeure on the purchase or import of Russian LNG to off-grid terminals.
The Finnish state owned energy company said it procures LNG from a number of different sources, having a long-term sourcing agreement with the Risavika liquefaction plant in Norway, for example, and buys LNG globally through terminals in Central Europe.
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