European Union member Slovakia has approved impediments to the implementation of fresh EU sanctions against Russia. - Slovakia relinquishes opposition to fresh EU penalties against Russia
In a significant development, Slovakia has agreed to lift its veto on the 18th European Union (EU) sanctions package against Russia, paving the way for the unanimous approval of the measures. This decision comes after intensive negotiations between Slovakia and the EU, resulting in crucial assurances regarding Slovakia's energy supplies and costs.
Prime Minister Robert Fico announced the end of Slovakia's blockade, confirming that his country will now give its approval to the sanctions package as early as this Friday. The new sanctions are aimed at reducing Russia's revenues from oil exports to third countries.
One of the key concerns for Slovakia was its gas supply contract with the Russian Gazprom company, which extends until 2034. To address this, the European Commission agreed to provide legal protection to Slovakia in case of contract disputes with Russia.
Moreover, the EU has committed to offering technical and financial support to help Slovakia diversify its energy sources, reducing its dependence on Russian gas. The EU also agreed to use EU funds to compensate Slovakia for high gas prices, addressing concerns about energy costs and potential shortages.
A crisis mechanism has been established, allowing Slovakia to declare a crisis situation if faced with extreme gas prices and shortages. This mechanism could lead to the temporary suspension of the ban on Russian gas imports. The guarantees ensure stability in gas prices and supply, addressing Slovakia's main concerns before it agreed to support the sanctions package.
The sanctions are also intended to prevent the possible restart and use of the Nord Stream 1 and Nord Stream 2 gas pipelines, which are capable of generating billions in profits for Russia. In September 2022, one of the two pipes of Nord Stream 2 was destroyed in a blast, and strings of the already used Nord Stream 1 pipeline were also affected.
Malta, another EU member state, has expressed concerns about the planned EU sanctions against Russia, fearing disproportionate disadvantages for its shipping companies if the oil price cap is lowered too much. However, Malta is optimistic about not ultimately blocking the sanctions package.
Slovakia had previously stated that it would continue to block the sanctions until the issue of Russian energy supplies after 2028 was resolved. However, Prime Minister Fico has not expressed any recent concerns about the EU sanctions package regarding Russian energy supplies after 2028.
Despite the lifting of the veto, Slovakia still fears being sentenced to enormous penalty payments by an international arbitration court in the event of an early exit from the gas contract. The crisis mechanism, if triggered, could potentially lead to a temporary suspension of the import ban for Russian gas, offering some relief in this regard.
This decision marks a significant step forward in the EU's efforts to impose sanctions on Russia in response to its invasion of Ukraine. With Slovakia's support, the EU can now move forward with the 18th sanctions package, aimed at curbing Russia's revenue from oil exports and exerting pressure on Moscow to end its aggression in Ukraine.
- In a bid to alleviate concerns about energy supplies and costs, the European Commission has promised legal protection for Slovakia in potential contract disputes with Russia, as well as offering technical and financial support for Slovakia to diversify its energy sources.
- With the EU's commitment to compensate Slovakia for high gas prices and potential shortages, and the establishment of a crisis mechanism to address extreme gas price and supply issues, the Slovakian government has decided to support the 18th EU sanctions package against Russia, aimed at reducing Russia's revenues from oil exports and exerting pressure on Moscow.
