Slovakia Prime Minister Robert Fico's decision to veto the new package of EU sanctions against Russia has a lot to do with financial compensation. Here's why.

Bratislava

The adoption of the European Union's 18th package of sanctions against Russia has been delayed due to a veto from Slovakia. Prime Minister Robert Fico's opposition is not related to the content of the sanctions themselves, but rather to concerns about the economic impact on Slovakia, particularly regarding gas prices and competitiveness. Fico is seeking financial compensation for Slovak households and industry, and has expressed concerns that terminating the country's supply contract with Gazprom could lead to legal action. However, an expert on sanctions suggests that such contracts may be voided under force majeure if sanctions are imposed. Slovakia, along with Hungary, continues to import Russian oil and gas via pipeline, while several other EU countries still purchase Russian liquefied natural gas. Discussions between Slovakia and the European Commission are ongoing in an effort to resolve the impasse.

Why did Robert Fico veto the new EU sanctions on Russia?

The 18th package of sanctions against Russia is still at a standstill. European leaders failed on Friday to unanimously adopt new sanctions against Moscow, following a veto by Slovakia. Prime Minister Robert Fico's opposition has nothing to do with the sanctions themselves. Instead, Bratislava is hoping to obtain concessions from Brussels on the Repower EU plan. I have to emphasize that this is a very serious proposal of the European Commission, which will have a very negative impact on the price of gas in Slovakia, whether for households or for industries, but it will certainly lead to a decrease in the competitiveness of the entire European Union. Fico asked for compensation for households and industry. The Slovakian Prime Minister believes that Gazprom could take Slovakia to court if it terminated the supply contract. This fear is brushed aside by an expert on sanctions against Russia. It depends a little bit on the specific provisions of this import contract, but generally speaking, once there is a sanction, a ban on certain imports, then the contractual parties can declare force majeure and decline to pay for the volumes that were originally contracted. Slovakia and Hungary are the two EU countries that continue to import Russian oil and gas via pipeline. However, 10 European countries, including Belgium, France and Spain, still buy liquefied natural gas from Russia. Negotiations on the 18th sanctions package are still underway. A meeting between the European Commission and Slovakia is scheduled for this week to find the way out of the stalemate.

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