(Reuters) – Spain’s Energy Minister Teresa Ribera urged Spanish companies on Monday to reduce imports of liquefied natural gas from Russia and search for alternatives.

„It is desirable that traders seek to minimise imports of Russian gas and diversify the contracts they may hold,“ she told a news briefing.

Spain’s energy minister went on to say that Spain is working on a gas contingency plan for the winter, although it is in a better situation than other EU neighbours.

It must be noted that due in part to Spain’s connections to Africa, Russian LNG only accounted for 11.9% of Spanish gas imports in May off 2022.

This article was written by Ryan Paisey at www.forexlive.com.