The War in Ukraine: Downstream Ripple Effects on the European Gas Market
European energy companies face unprecedented uncertainty as a result of Russia's invasion of Ukraine. A potential reduction or cessation of Russian gas imports is not unforeseeable and would invariably affect all market segments in Continental Europe.
This White Paper addresses the potential downstream ripple effects on European gas markets and the legal arguments which may be raised in response to continued contractual performance if imports are reduced or stopped. These arguments include recourse to common contractual provisions such as price review, hardship, and force majeure. Reliance on legal doctrines of frustration of purpose and termination for cause may also be possible depending on the gravity of the resulting situation.
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