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Europe's Relationship With Gazprom Shows Signs of Thaw

  • Europe has limited supply options as largest field ages
  • Second-biggest supplier Norway seen at near maximum output
OAO Gazprom Opens The Russian Yamal Gas Pipeline

Photographer: Alexander Zemlianichenko Jr./Bloomberg

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A rapprochement is emerging between the European Union and its biggest natural gas supplier.

Eleven months after criticizing Gazprom PJSC for “isolating” the Bulgarian market, the EU’s regulator has lauded the Kremlin-backed gas exporter for boosting competition by allowing two-way flows between Greece and Bulgaria. Relations between the EU and Russia had soured after Moscow’s annexation of Crimea in 2014.