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    Russia to Cut Natural Gas Supply to Finland: Gasum

Summary

Russian gas will stop flowing to Finland at 7 a.m. local time on Saturday, March 21st.

by: NGW Staff

Posted in:

Complimentary, Europe, Contracts and tenders, Finland, Russia

Russia to Cut Natural Gas Supply to Finland: Gasum

Russian gas will stop flowing to Finland at 7 a.m. local time on Saturday, Finnish state gas company Gasum said in a statement Friday

The move appears to be in response to Finland's state-owned energy company refusing to accept the Kremlin's demand for payment in rubles and to seek arbitration om the dispute.

Gasum CEO Mika Wiljanen called the the cut-off “highly regrettable," adding that the company has been "carefully preparing for this situation."  Natural gas accounted for just 6% of Finland's total energy consumption in 2020, with Russian imports providing approximately 68% of that total, according to the International Energy Agency.

Wiljanen said that Gasum "will be able to supply all [of its] customers with gas in the coming months" provided there are no disruptions to the gas transmission network.  He added that the winter would be "challenging."