London, United Kingdom (PressExposure) December 01, 2009 -- The Memorandum on Energy Supply Early Warning Will Reduce Uncertainty Over Russian Gas Supplies to the European Union
The European Union (EU) and its largest natural gas supplier, Russia, signed a Memorandum of Understanding (MOU) to alert each other in cases of impending disruptions in energy supply. The agreement covers oil, natural gas and electricity supplies and requires both the EU and Russia to work together to prevent and solve any supply problems, even before they occur.
According to the agreement, both parties will notify each regarding energy supply problems and disruptions and cooperate with each other to resolve such issues. EU or Russia will notify any likely supply interruptions, including an exchange of the assessments of the situation. If required, the mediation of a third party will also be allowed. The notification will be followed by consultations or a common assessment of the situation and a working plan to solve the issue jointly.
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