European Union companies may be able to pay for Russian gas supplies in rubles after all without violating EU sanctions against Moscow. However, they should make a statement before making the payments, according to a document from the EU Commission available to Reuters. After that, they should consider their contractual obligations fulfilled when they deposit euros or dollars with Gazprombank – and not later, after the payment has been converted into rubles. “It would be advisable to get confirmation from the Russian side that this procedure is possible under the rules of the decree,” the document said. Moscow has warned Europe that gas supplies could be disrupted if future payments are not made in Russian currency. A decree to this effect was issued in March. It suggests that energy buyers open accounts with Russia’s Gazprombank to make payments in euros or dollars, which are then converted into rubles. The EU sanctions regime does not prohibit companies from opening accounts with Gazprombank or contacting it to find a solution, according to the Brussels authority. Moscow’s proposal does not necessarily prevent a payment procedure that complies with EU sanctions, the Commission said in the document. A spokesman for the European Commission said companies should stick to the currency agreed in their contracts with Gazprom – 97 percent of the contracts are denominated in euros or dollars.
European Commission – Gas payments possible in rubles – Economy
