Russia and the EU are hoping to reach a consensus soon regarding the proposed unbundling of energy assets, reports Russia Today.

Viktor Khristenko, Russia’s Minister of Energy, and Andris Piebalgs, the European Commissioner for Energy, have reportedly agreed to take more time before reaching conclusive decisions regarding the EU’s proposed legislation to unbundle retail and production assets in the European gas and electricity sectors in an attempt to increase competition.

This proposal would entail tougher regulations for the entry of non-EU companies into the market. Russia’s gas major Gazprom, which is not keen on unbundling its assets but wants to increase its European presence, is opposed to this proposal, Russia Today said.

While Mr Piebalgs pointed out the success of the unbundling of Russia’s electricity network, RAO UES, Mr Khristenko said that unbundling in the electricity sector is vastly different from trying to implement the same change in the gas sector.