Centrica to exit gas supply agreements with Russian counterparts, including Gazprom

UK energy outfit Centrica announced that it would exit its gas supply agreements with its Russian counterparts, mainly gas giant Gazprom.

"We are working through the details of how best to do this, additionally we will ensure we are compliant with all relevant sanctions," Centrica boss, Chris O’Shea, said in a statement to Reuters on 1 March.

The company was following in the footsteps of oil majors BP and Shell's decision to exit their activities in Russia in protest for the invasion of Ukraine.

Centrica's supply agreement with Gazprom Marketing&Trading allowed it to source gas through the open market, although that did not reportedly necessarily entail purchasing supplies directly from Russia.

As of 1003 GMT, shares of Centrica were dipping 0.35% to 74.14p.