The need for European Union funding of the vertical energy corridor, aimed at diversifying energy sources and reducing Europe’s dependence on Russian natural gas, was emphasized by AKTOR Group President and CEO Alexandros Exarchou, speaking at the Davos Lodge during the World Economic Forum.
Read also: Alexandros Exarchou meets with Trump Organization executive vice president Eric Trump in Davos
His intervention took place during a discussion on Thursday, January 22, 2026, focusing on future investment corridors and the role of Greece and Romania in shaping high value-added strategic opportunities. The discussion also included Deputy Foreign Minister Haris Theocharis, Romania’s Energy Minister Bogdan Ivan, and US Ambassador to Athens Kimberly Guilfoyle, moderated by journalist Daphne Barak.
Exarchou: If Europe wants to become what it was again, it must get serious and do what it says
“We must not forget that the EU deliberately chose to be completely dependent on Russian natural gas for many years. The result was that when the war broke out, it became difficult to use Russian natural gas. The Russians had a significant advantage over every member state and Europe, because we were dependent on their gas.
Only this year did the EU finally decide to ban it from 2028. When we impose sanctions and say that from 2028 it will be illegal for any member state to procure Russian natural gas, we must be serious. And if we were serious, then you would see that all the vertical axis countries – and particularly the western countries of the vertical axis – would be running like crazy to secure long-term LNG contracts.
And why is that? Because after 2028 – if they truly believe it will be illegal to buy Russian natural gas – they will no longer have available natural gas.
Since it was announced at the Partnership for Transatlantic Energy Cooperation (P-TEC), I hear many rumors that many countries thinking of signing long-term contracts use expressions like “it’s more expensive.” More expensive compared to what? Russian gas. But it will be illegal to procure Russian natural gas.
Since it will be illegal and since the intention of the vertical axis countries and the EU is to impose these sanctions, there is nothing to discuss regarding price. The only thing they should discuss is where they will find natural gas.
And that place is the US – and the quantities are not unlimited.
I serve my country if I secure as many natural gas quantities as I can, at a stable price and at this stage, indeed, when I can negotiate a stable price. So, in Europe when we speak and legislate, we must learn to be serious: Either it’s banned or it’s not.
I thought the discussion was over. I thought the EU made an official decision to impose sanctions against Russia. Or not? Because if yes, it will be illegal – there’s nothing to discuss. We’re having a discussion with absolutely no substance. But then, why are we discussing? Because in Europe very often we legislate, say one thing and mean something else – and the market knows it. While on the other side of the Atlantic, when they say something, they do it.
We must understand the different era we live in and adapt to it – and if Europe wants to become what it was again, it must get serious and do what it says.
I must admit that the Greek government is taking decisive steps toward the vertical axis and understands what else is coming. Other member states are having this strange discussion about whether they should buy LNG compared to what? Russian is illegal!
They must buy LNG compared to what? Russia. But that’s illegal! So what I’m saying is that the issue has been resolved. In practice, what hasn’t been resolved is the conviction of European member states that when the EU makes a decision, it means it’s Europe’s problem.
Is American LNG subsidized? Why? Because yes, obviously the war will end at some point. After 5-10 years I believe the sanctions against Russia will be relaxed.
Does Europe want to be dependent on Russian gas again? It will happen if price is the only factor.
Does Europe want to do this? In my opinion, what Europe should do – instead of viewing things from a distance and letting the US and some countries in the EU deal with the problem – is subsidize the vertical axis so that the appropriate infrastructure is created that will allow American LNG to be more comparable, gradually, with whatever price Russian natural gas will have ten years later. Because we need a second FSRU and someone has to pay for it.
We must upgrade the existing corridor and perhaps create a second one, and all this can happen if Europe supports the already taken decision to impose sanctions against Russia.
The discussion we’re having today is proof that explains why the EU is weak. We complain because Russia bullies us or because Trump comes very aggressively against the EU. What should we expect after this? It applies to each of the 27 countries that form this strange entity called the European Union.
And what does it say? To protect myself against what? Against everyone? Who are all the others? The Union’s member states. Have you heard this before? It’s exactly why the EU is unable to negotiate with anyone.
It’s unable to stand up to the Russians and Americans or compete against the Chinese. If this doesn’t change, we are “dead” as the EU. And we’ll have to go back and decide whether we’ll have a union or not.
In this case, if we don’t do it, let’s go to the simple principle of “Greece first,” “Germany first,” “but not Europe first.” Americans say “America first” – I respect and understand that they protect their interests this way.
What interests are we called to protect? Europe’s or Greeks’ or Romanians’? This is a major question that politicians must solve for us. We cannot do business if we don’t know the basic rules.
What I must say is that one thing is LNG and what we heard from Ukraine. It’s clear proof of how you can be blackmailed and bullied through energy. So we need balance.
We cannot depend on one energy source. We suffered as Europe because of Russia. We must become, naturally, independent from Russia.
The EU has already decided to ban Russian natural gas. All other questions are unnecessary. And balance can only come from American LNG for a long period. Political aspects exceed commercial ones,” concluded Mr. Exarchou.
Greece supports the vertical axis
During the discussion, Deputy Foreign Minister Haris Theocharis noted that the Greek government worked very hard and consistently throughout the previous period to make the vertical axis a reality, emphasizing that resilience requires diversification of energy sources. He also stressed that natural gas infrastructure should be prioritized highly so the vertical axis can move to the development phase.
Mr. Theocharis pointed out that the development of the digital economy and artificial intelligence creates increased energy needs and that this sector should be connected with energy infrastructure, as well as with a more expanded fuel mix.
Furthermore, the deputy foreign minister noted that Europe always responds to challenges with action and explained that there is a great imbalance between its economic power, military capabilities, and political footprint. However, he emphasized that the EU is moving in the right direction, reminding that the vertical axis was created with its support. He concluded that hard work from all parties will be needed to properly prepare the broader Southeast European region for its role as an energy hub.
Romania as a “hub” for the wider region
Romanian Energy Minister Bogdan Ivan emphasized that Romania, having invested over €1 billion in energy infrastructure in recent years, can function as an energy hub for the rest of the region. He pointed out that European leadership delays making clear decisions, waiting for a perfect moment that probably will never come, while stressing that 2028 will be too late for all those countries that delay securing natural gas quantities.
Indeed, he noted that Romania knows this firsthand, as it is both a producer and supplier of natural gas, however its quantities barely suffice for the country’s needs, appealing to member states to take advantage of the American LNG and vertical axis opportunity.
Mr. Ivan commented on the fact that there are still European leaders who dream of Russian natural gas, while criticizing the phenomenon of southern member states paying more for energy compared to the developed north, while they are part of the single market. Additionally, he stressed that decision time has come for Europe, which is now treated as powerless by its competitors.
“US supports the vertical corridor”
For her part, US Ambassador to Athens Kimberly Guilfoyle referred to the Trump administration’s initiative to make Greece the gateway to Europe for American LNG, a goal for which American authorities work daily.
She emphasized that Washington’s goal is to properly support European states so they can develop with their own forces, underlining the need for Europe to disconnect from Russian natural gas so it doesn’t depend energetically on an unfriendly state.
