Skip to content
You can now search across every topic, entity and event.What's new
European Energy Markets
18JUN

ACER says the Russian-gas ban has not bitten

2 min read
09:57UTC

ACER's first phase-out monitoring report, published 1 July, found Russian gas still met roughly 12% of EU demand, with LNG imports up 17% since the March ban and only Strandzha-1 flows falling.

← Back to German spark spread flips +EUR 15 in 48hrsJump to analysis ↓
EconomicDeveloping
Key takeaway

The EU regulator has dated the ban's non-bite: Russian gas held 12% of demand and imports rose.

ACER, the EU agency coordinating national energy regulators, published its first mandated Russian-gas phase-out monitoring report on 1 July and found Russian gas still supplied roughly 12% of EU demand. Since the short-term import ban took effect on 18 March, Russian LNG imports have risen 17% year-on-year across the 18 March to 31 May window, and pipeline imports are up 5%. One route bucked the trend: flows through Turkiye's Strandzha-1 entry point fell 65%.

Frontloading ahead of the deadline, contract adjustments and retained transhipment cargoes kept Russian LNG volumes climbing even as the ban bound, the reverse of what its headline implied. This desk read the 17 June pipeline step-down as legal paperwork rather than a physical supply event , because the routes carrying the volume ran exempt and the Central European hub's ban premium compressed back toward flat within a day .

For a spreads desk the read is that the March measure moved prices, not barrels. ACER has now dated and sized that gap: the 12% share is a quarterly scorecard rather than a cut, and the regulator states plainly that the harder impacts land later, not now. Traders position against the number itself, updated each July, rather than against a diffuse policy fear.

Deep Analysis

In plain English

The EU banned new short-term deals to buy Russian gas back in March, hoping it would squeeze Moscow's export earnings. Four months on, a new report from ACER, the EU's energy regulator, found Russian gas still supplies roughly one in eight units of gas Europe burns. The reason is simple: the ban only covers new, short-term purchases. Older, long-term contracts, some signed a decade ago and running until 2027, were deliberately left alone. So the headline numbers barely moved, not because the ban failed, but because it was never meant to touch this gas yet.

Deep Analysis
Root Causes

Regulation (EU) 2026/261 bans short-term and spot Russian gas contracts, not the long-term agreements signed before the law existed; TurkStream's pipeline volumes and several LNG term contracts were negotiated years ahead of the 18 March cutoff and run on take-or-pay terms that would trigger penalty payments if Brussels forced early termination.

That grandfather structure, not enforcement failure, is why the 12% share held steady: the ban was drafted to bite in November 2027, when the exempted contracts expire, and was never designed to move the needle before then.

What could happen next?
  • Meaning

    The exemption architecture leaves near-term Russian gas volumes structurally insulated from the ban until the underlying contracts expire.

Sources:ACER·Euronews
Mentions:ACER →Regulation (EU) 2026/261 →TurkStream →CEGH →Strandzha-1 →Euronews →Russian LNG →Iran →ICIS →Moscow →Gazprom →Brussels →Washington →
First Reported In

Update #23 · The EU's own regulator says the ban isn't biting

ACER· 3 Jul 2026
Read original →
Causes and effects
This Event
ACER says the Russian-gas ban has not bitten
ACER's report converts a political ban into a measured 12% scorecard, confirming the desk's view that the March instrument repriced sentiment without cutting Russian volumes.
Led to
Ban spares the contracts that matter
ACER's dated 12%/17%/5% findings confirm the exemption architecture the 17 June pipeline step-down left intact.
Occurred 11 Jun 2026
Read story →
The ban's own text makes it porous
ACER's report quantifies the same long-term contract exemptions Regulation (EU) 2026/261 carved out on 17 June.
Occurred 17 Jun 2026
Read story →
CEGH pays a one-day ban premium
The CEGH premium's same-day compression foreshadowed the non-event ACER's report now confirms with hard numbers.
Occurred 16 Jun 2026
Read story →
Different Perspectives
Cross-border power traders
Cross-border power traders
The France-Germany day-ahead spread flipped from a EUR 17.20 German premium on 1 August to a EUR 4.15 French premium on 3 August, the same day French curtailment peaked. They cannot yet attribute the flip to curtailment alone, since a like-for-like overnight comparison shows French nuclear output rising while wind fell and demand returned on the weekday step.
EDF
EDF
River-cooling limits took 7.6 GW, 12 per cent of its fleet, offline on 3 August, the highest curtailment since the heatwave began, with an easing forecast to 4.3 GW on 4 August and 3 GW after. It manages the cut as a recurring seasonal constraint, expecting it to lift with river temperature, not repair.
Gasunie
Gasunie
TTF, the Dutch hub it operates, drifted to roughly EUR 55 to 58 per MWh across the window, staying inside its recent range through both the German spark reversal and the French curtailment. It reads a flat hub price as evidence that neither event this window carried enough weight to move the fuel leg on its own.
German gas-fired generators
German gas-fired generators
Record German solar of 18,761 MW on 2 August pushed the clean spark spread to minus 18.48 EUR/MWh, a loss-making day, before it returned to plus 16.20 on 3 August. They now price dispatch against post-solar residual load rather than wind alone, since the sign flipped inside 48 hours on unchanged fuel and carbon costs.
European Commission (DG Energy)
European Commission (DG Energy)
Its implementing-measures register logged transposition notices from only Portugal and Slovakia against Wednesday's Article 94 deadline for Directive (EU) 2024/1788, with 25 states silent. It expects the register to fill only gradually, since filing routinely lags legislating and any infringement track against non-notifying states runs on a slower clock than the deadline itself.
Spain's LNG terminal operators
Spain's LNG terminal operators
Spain's 9,145 GWh terminal inventory is the largest single stock in the EU LNG network, an option value that can reroute cargoes wherever the winter strip pays best rather than a cavern gas obligation tied to a fixed date. That flexibility matters more as Germany's cavern shortfall pushes more of the winter security question onto import infrastructure.