(Finance) – European Union companies could be able to pay for Russian gas in rubles without violating sanctions of the Old Continent against Moscow, even if the implementation of the procedure is not yet clear. This is what the European Commission in a document, sent to member states and published online, which contains some FAQs referring to the March measure by which the Kremlin asks energy buyers to open bank accounts with Gazprombank, in which payments in euros or dollars can be converted into rubles .
“EU companies can ask their Russian counterparts to fulfill their contractual obligations in the same way as before the adoption of the Decree, or by depositing the amount due in Euros or Dollars – the document reads – The decree of 31 March does not preclude a payment procedure in line with EU restrictive measures. However, the procedure for exceptions to the provisions of the Decree is not yet clear “.
When asked whether EU gas importers can interact with Gazprom and GazpromBank to find an acceptable solution or if they can open a euro account with GazpromBank for gas payments, the EU executive replied: “The sanctions in force do not prohibit the engagement with Gazprom or GazpromBank, beyond the refinancing bans relating to the latter […]. Likewise, they do not prohibit opening an account with GazpromBank. Such a commitment or account, however, should not lead to the violation of other prohibitions under EU regulations “.
A question as to whether EU traders can make euro transfers to their GazpromBank account if they have clearly stated previously or simultaneously that their payment obligation ends with this transfer is answered: “Yes, EU companies could clearly state that they intend to fulfill their obligations under existing contracts e consider your contractual obligations regarding the payment already fulfilled by paying in euros or dollarsin line with existing contracts, as before the adoption of the decree “.