British Gas owner Centrica pulls out of contracts with Russian firms

British Gas owner Centrica will end its gas supply agreements with Russian counterparts, including Gazprom.

It comes after UK energy companies, including BP and Shell, moved to sever their ties to Russia.

Centrica has a medium-term contract with Gazprom Marketing and Trading, the energy giant’s UK entity, which is not affected by current sanctions, but has still launched talks to quit the deal. 

Provided by This Is Money Centrica has a medium-term contract with Gazprom’s UK entity, which is not affected by current sanctions, but the British Gas owner has still launched talks to quit the deal

Chris O’Shea, chief executive at Centrica, said: ‘We are shocked by the events unfolding in Ukraine and the needless loss of lives.

‘We intend to exit our gas supply agreements with Russian counterparts, principally Gazprom, as a matter of urgency.

‘We are working through the details of how best to do this. Additionally we will ensure we are compliant with all relevant sanctions.’

Reference: Daily Mail City & Finance Reporter