GasTerra said that the halt on the gas would mean that 2 billion cubic meters of gas it contracted with Gazprom would not be distributed from May 31 to Sept. 30. This loss represents about 5 percent of the annual gas consumption in the Netherlands.
The Dutch company, partly owned by the Dutch government, said that "GasTerra has anticipated this by buying gas from other providers." "The European gas market is highly integrated and extensive," it said.
The company added that it is "impossible to predict" the adverse effects that the loss of gas supply will have on the distribution and demand in the country and "whether the European market can absorb this loss of supply without serious consequences."
GasTerra of the Netherlands said Monday that Russia's Gazprom would stop delivering gas to it on May 31, after the Dutch company refused to pay in rubles for Russian gas. pic.twitter.com/UVNANCWw2G
Rob Jetten, Dutch Energy Minister, posted on Twitter that the country's administration understands GasTerra's decision not to comply with Gazprom's payment terms. "This decision has no consequences for the physical supply of gas to Dutch households," the minister said.
Last April, the Dutch government commented on its plans to end obtaining Russian gas by the end of 2022.