(Finance) – Eniin view of the imminent payment deadlines scheduled for the next few days, has initiated “as a precaution“related procedures
toopening of two current accounts called K at Gazprom Bank, one in euro and one in rubles, indicated by Gazprom Export according to a unilateral claim to modify existing contracts, in line with the new procedure for the payment of gas set up by the Russian Federation. “Eni, however, has long since rejected these changes”. Therefore – reads a note – “the opening
of the accounts takes place on a temporary basis and without prejudice to any of the contractual rights of the company, which provide for the satisfaction ofobligation to pay against payment in euros“. This express reserve” will also accompany the execution of the related payments “, explains Eni.
Gazprom Export’s possible risks on payments
There decision, shared with the Italian institutions“was taken in compliance with the current international sanctioning framework and in the context of an ongoing discussion with Gazprom Export to expressly confirm the allocation by Gazprom Export itself of any cost or risk connected to the different execution of payments” .
Eni will continue to pay Gazprom in euros
On the one hand, to date, Gazprom Export and the competent Russian federal authorities have confirmed that: the invoicing (actually received by Eni in the last few days in the contractually correct currency) and the related payment by Eni will continue to be carried out in euros, thus as contractually envisaged; that the operational activities of conversion of the currency from euro to rubles will be carried out by a specific clearing agent operating at the Moscow Stock Exchange within 48 hours of crediting and without the involvement of the Russian Central Bank; and that in the event of technical delays or inability to complete the conversion on time, there will be no impact on supplies. On the other hand, the execution of payments with these methods does not currently find any European regulatory provision that provides for prohibitions that directly affect the possibility of carrying out the aforementioned operations (moreover, Eni, in line with the indications of the European Commission, has already clarified to Gazprom Export for some time that the fulfillment of contractual obligations is understood to be completed with the transfer in euros, and will renew the clarification when opening accounts K).
The energy group again underlines that “if the new procedure therefore appears neutral in terms of costs and risks, not incompatible with the sanctioning framework in force and with the fulfillment that occurs at the time of transfer of the euro, a non-payment would expose Eni to the risk of violation of the obligation to carry out in good faith any contractual requests of Gazprom Export imposed on it by its own authority, and to the risk for Eni of non-fulfillment of its sales commitments with downstream customers in the event of supply interruptions “.
Eni, however, “in the absence of future complete, exhaustive and contractually based answers from Gazprom Export, will initiate international arbitration on the basis of Swedish law (as required by the existing contracts) to resolve doubts regarding the contractual changes required by the new payment procedure and the correct allocation of costs and risks “.
In any case – concludes the note – “Eni firmly reaffirms that it will respect any future regulatory measures that might intervene to sanction gas trading or current counterparties”.