War In Ukraine WhitePaper

The War in Ukraine: Downstream Ripple Effects on the European Gas Market

European energy companies face unprecedented uncertainty as a result of Russia's invasion of Ukraine. A potential reduction or cessation of Russian gas imports is not unforeseeable and would invariably affect all market segments in Continental Europe.

This White Paper addresses the potential downstream ripple effects on European gas markets and the legal arguments which may be raised in response to continued contractual performance if imports are reduced or stopped. These arguments include recourse to common contractual provisions such as price review, hardship, and force majeure. Reliance on legal doctrines of frustration of purpose and termination for cause may also be possible depending on the gravity of the resulting situation.

Read the White Paper.

Insights by Jones Day should not be construed as legal advice on any specific facts or circumstances. The contents are intended for general information purposes only and may not be quoted or referred to in any other publication or proceeding without the prior written consent of the Firm, to be given or withheld at our discretion. To request permission to reprint or reuse any of our Insights, please use our “Contact Us” form, which can be found on our website at This Insight is not intended to create, and neither publication nor receipt of it constitutes, an attorney-client relationship. The views set forth herein are the personal views of the authors and do not necessarily reflect those of the Firm.