Quitting Russian Gas Cold Turkey: Market Consequences, Contracting Risks and How Best to Anticipate and Manage Them

It’s now official: Europe is quitting its long-running dependency on Russian gas cold turkey. Europe’s decision to eliminate all Russian-sourced natural gas imports by the end of 2027 marks one of the most significant structural shifts in the continent’s energy markets in decades. The practical question for market players is no longer whether Russian gas will exit the European system, but rather how to manage that exit on such a short time frame and, relatedly, how that quick exit might reshape... By: Hughes Hubbard & Reed LLP