Russia Ready to Agree With EU on Fair Emergency Energy Mechanisms, Foreign Minister Says

MOSCOW, October 8 (Sputnik) - Russia will consider agreeing on energy mechanisms for emergencies with the European Union on a fair and mutually beneficial basis given the current crisis, Russian Foreign Minister Sergei Lavrov said on Friday.

"Taking into account the experience of the current crisis and what used to happen in the past, we can probably agree on mechanisms for emergencies, if they are fair and are created on a mutually beneficial basis. Then we can have fixed options contracts for sudden temperature drops ... Our contractual commitments are sacred for us," Lavrov said at a meeting with representatives of the Association of European Businesses (AEB).

The need for closer systemic cooperation on energy between the EU and Moscow has become more evident now, when prices in the fossil fuels market have skyrocketed, especially in the natural gas market, and Europe has faced a surge in the cost of electric power, Lavrov added.

The prices for natural gas have been going up in the European market over the past few months, spurred by increasing energy demand amid the global economic recovery after months of COVID-19 lockdowns, as well as limited supply.

On Wednesday, Russian President Vladimir Putin held a meeting on energy prices in Europe. The president noted that Russian gas company Gazprom fulfilled its contractual obligations and assured partners that it will continue to do so, adding that it may also consider the possibility of increasing gas supplies.