The confusion focuses on the logistics of the payments themselves. Several European gas buyers are preparing to circumvent the Kremlin’s demand that gas bills be paid in rubles instead of the euro or dollars stipulated in the treaties.
According to Russia’s new payment mechanism, buyers in “hostile” countries must open two accounts with Gazprombank – one in euros and the other in rubles, from which gas payments will be made.
But the European Commission said on Tuesday that companies opening an account with Russia’s Gazprombank to allow their payments to be converted into rubles would be in breach of EU sanctions.
This statement seems to contradict the guidelines given by the Commission only four days earlier, which has led some of Europe’s largest energy companies to speculate that they can circumvent the currency problem by opening two Russian bank accounts.
This comes when several large European companies are trying to pay their bills on time without violating sanctions.
“Anything that goes beyond opening an account in the currency of the contract with Gazprombank and making a payment to that account and then issuing a statement that … you have completed the payment is against the sanctions,” said Eric Mamer, a member of the Commission. This was said by a spokesman for the company at a briefing.
Russia’s state energy giant Gazprom cut off gas supplies to two EU countries – Poland and Bulgaria – in late April, following a decree by President Vladimir Putin in March threatening to cut off supplies to “unfriendly” nations that did not pay for its gas. in rubles. EU leaders have described Moscow’s move as “blackmail”.
Since then, European gas distributors, national governments and EU officials have struggled to avoid major supply disruptions while maintaining sanctions imposed on Moscow for invading Ukraine.
Last month, the European Commission said it was “appearing[ed] possible “the new payment mechanism will work. On Friday, he said that as long as buyers pay in euros and dollars and make a” clear statement “that they have done so, they will not violate EU sanctions.
“[Buyer’s should] consider their contractual obligations with regard to the payment that has already been made by payment in euros or dollars, “the committee said in a statement to EU member states and told CNN Business.
European companies are trying to pay
Friday’s guidelines prompted some of Europe’s major energy companies to introduce new arrangements, with payment deadlines approaching this month.
Italy’s ENI announced on Tuesday that it has begun the process of opening two accounts with Gazprombank, one in euros and the other in rubles. He said that after making his deposits in euros, an agent on the Moscow Stock Exchange will convert the funds into rubles within 48 hours.
The company said in a press release that the new process “is not incompatible with existing sanctions” and will not currently face any European regulation that would try to stop it.
German energy company RWE (RWEOY) told CNN Business on Tuesday that it had opened a new bank account to pay for Russian gas imports, but did not specify which bank.
“We are prepared to pay in euros and have opened an account,” said a company spokesman. “We therefore act in accordance with European and German regulations.”
The French Engie (ENGIY) also said on Tuesday that it had found a compromise with Gazprom. Russian gas accounts for about 20% of the company’s global gas consumption.
“Today we have visibility for a solution that will allow us to pay with the currency of the agreement, which seems acceptable to Gazprom and which is in line with EU sanctions, at least as far as we understand,” said CEO Catherine McGregor. reporters on call.
McGregor said Engie’s next payments were inevitable, but did not say whether she had opened or intended to open a Gazprombank account.
German gas distributor Uniper said last month that it would continue to pay for its Russian supplies in euros, but added that he believed it was possible to “convert payments in accordance with the sanctions law”.
However, not everyone agrees.
Finland’s state gas company Gasum said on Tuesday that it “does not accept” Gazprom’s payment terms and is preparing to cut off gas supplies from Russia.
Europe has proposed reducing Russian gas consumption by 66% by the end of this year. He is expected to publish a more detailed plan later this month.
“Robert North contributed to the report.”
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