The natural gas imported under the new payment mechanism would be paid in euros to Russian Gazprom, whose bank account would be converted into rubles. This is contrary to the recommendations of the EU and Finland.
Among the companies is Fortum’s German subsidiary Uniper.
President of Russia Vladimir Putin has demanded that European companies importing Russian natural gas continue to pay in rubles for natural gas.
The European Union has refused to do so and instructed companies not to agree to Russia’s terms.
The Finnish government has also stated that Russia’s will will not be accepted. The Finnish state owns more than half of Fortum.
Fortum: “Uniper pays for gas in euros”
Fortum has today issued a statement that Uniper is in talks with Russian gas supplier Gazprom to introduce a new payment mechanism.
– Even after the introduction of the new payment mechanism, Uniper will pay for gas in euros.
According to the Financial Times, the new payment mechanism is intended to circumvent EU sanctions.
According to it, the payment mechanism works in such a way that the counterparties set up a bank account in Russia, where the euro is exchanged for the ruble. In this way, Uniper will pay Gazprom in euros, but Gazprom will receive the payment in rubles.
The establishment of such a payment mechanism has been the demand of Vladimir Putin.
When Polish and Bulgarian gas importers did not agree to Putin’s demands this week, Gazprom cut off gas exports to them.
President of the European Commission Ursula von der Leyen has called Putin’s demands blackmail.
The use of the payment mechanism would allow Russia to strengthen its currency, as it would receive huge amounts of revenue in rubles.
According to Fortum, the new payment mechanism is legal.
– In close discussions with the German government, Uniper has stated that it is still possible to buy gas from Russia, taking into account EU sanctions, the company says.
According to Fortum, Uniper will next make gas payments at the end of May.