Since Europe cannot yet do without Russian gas, half of Gazprom’s 54 European customers pay in rubles.
In order not to risk gas cuts, as was the case for Poland and Bulgaria, European energy companies have found a trick to pay for their imports in rubles while respecting the European sanctions against Russia since the invasion of Ukraine.
Indeed, according to many media, a good twenty gas companies have opened accounts with GazpromBank which converts euros into rubles. A little trick that allows everyone to save face.
Two accounts at GazpromBank
This is obviously an attempt to circumvent the European embargo, made necessary by dependence on Russian gas. The Italian energy company Eni has taken steps to open two accounts with GazpromBank, one in rubles and the other in euros. This is perfectly in line with European requirements and Putin’s wishes.
Germany, which is very dependent on Russian gas, also pays in rubles, according to the Italian Prime Minister. German imports from Russia have even increased by 77.7% in March 2022, or 4.4 billion euros.
The French company Engie is in the same situation.
Russian Deputy Prime Minister Alexander Novak confirms: “According to my figures, 54 companies are contractually bound to Gazprom Export. Half of them have opened special accounts in our bank to pay for gas in rubles. We will soon find out who has refused to pay.
An authorized violation of the rules
This is an eminently paradoxical situation that is forcing the European Commission to review its position on this delicate subject. It is forced to allow member states dependent on Russian gas to open accounts in rubles.
In other words, the Commission is allowing importers to violate its own rules, subject to a “declaration” indicating that they have nevertheless fulfilled their obligations with regard to the embargo.
In short, Europe has surrendered to the Kremlin’s master in open country.
Italy’s Eni will open accounts in both rubles and euros with Russia’s Gazprombank, as the energy giant accedes to demands from Moscow that gas payments be made in the Russian currency https://t.co/ubfiBJZW1d
—Bloomberg (@business) May 17, 2022
?? Gazprom has announced that half of its 54 European customers have already opened accounts in rubles at Gazprombank, thus complying with the new rules put in place by the Kremlin concerning the sale of natural gas to so-called “hostile” countries. pic.twitter.com/K8vqL8WfQd
– The Red Thread (@LeFilRouge35) May 19, 2022