BRUSSELS, May 6. /TASS/. European businesses are not all necessarily interested in the European Commission’s (EC) plan to quit Russian energy, with some companies already "eyeing a return to Russian fuel," Politico wrote.
The EC intends to unveil its plan to phase out Russian energy imports by 2027 on Tuesday. The scheme will propose new powers for European companies to divest from Russia, allowing them to end contracts early and urging them to halt any future deals, the publication said. "The roadmap will help the EU regain energy independence from Russia," European Commissioner for Energy Dan Jorgensen told Politico.
However, heads of European companies may be "not all necessarily that interested" in it, the newspaper said, adding that "there’s already chatter that companies will start pumping more Russian fuel across Europe the moment it’s legally possible and politically palatable."
"The remaining appetite for Russian energy is driven by cost considerations. EU member states are concerned about competitiveness and deindustrialization, so cheap Russian energy against the background of a looming peace deal [on the Ukraine conflict] becomes attractive again," said Maria Shagina, a sanctions expert at the International Institute for Strategic Studies.
Patrick Pouyanne, CEO of French giant TotalEnergies, said he would "not be surprised" if pipelines linking Siberian gas fields to Central Europe started pumping again, the paper wrote. The policy of US President Donald Trump’s administration to improve relations with Russia is also stirring up speculation of potential resumption of full-fledged imports of Russian gas.
Cristian Signoretto, director of Italian oil and gas company Eni, cautioned that "major hurdles" would complicate any renewed business ties with Russia, pointing to "a complex legal framework" as well as damaged infrastructure. "There’s a lot of hype and speculation," Signoretto said of the EU's plans, adding that "in the end, the long-term pricing depends on supply and demand."