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. Last Updated: 07/27/2016

EU Energy Talks Hit Snag

Energy Minister Sergei Shmatko told an energy conference Monday that Russia and the European Commission failed to reach an understanding on the EU's third energy package, a set of energy market rules requiring gas suppliers to divest pipeline infrastructure.

Gazprom opposes the so-called "unbundling" rules, seeking to build its presence in gas distribution and marketing. "Talks with the European Commission on the third energy package … hit a dead end," Shmatko said, adding that the talks failed to take adequate account of Russia's interests as a major energy supplier.

"What does this mean? Nothing terrible," Shmatko added. "All obligations the Russian Federation and Russian companies have taken on with regard to supplies of energy under long-term contracts will without doubt be fulfilled."

(Reuters)