EU: A Ruble Account with Gazprombank Violates the Sanctions

How will Europe pay for gas from Russia - in euros, dollars or rubles? In recent days, information has emerged that Germany and Italy have agreed to pay for Russian gas to Gazprom in rubles and will not stop their supplies. This is not true.

At the end of May, payments will be made to Gazprom's largest customers in Europe, which are in Germany and Italy. Germany's Uniper and RWE, as well as Italy's ENI, have said they have found a mechanism to continue paying for Russian gas without violating sanctions. This mechanism includes the opening of two accounts with Gazprombank. One in euros or dollars and the second in rubles. The client will pay for the gas in the agreed currency in the first account, and Gazprombank will convert the money into rubles through the second account. According to energy concerns, they will have complied with the sanctions.

But not according to Brussels. The EC has explicitly stated that in order for this method of payment to be legal, Gazprom must agree in writing that by receiving the euro or dollars, the payment has been made and the customer has nothing to do with the further path of his money. Whether Moscow will do this for its Italian and German clients is unclear. Russia has not commented on the issue. However, Bulgaria, Poland and Finland have already been denied this.

For this reason, the EC clarified its recommendations again.

Opening a ruble account with Gazprombank violates sanctions, the European Commission has said.

The clarification was necessary after member states and companies have been pushing for clearer criteria for weeks. In the clarification, Brussels reiterates that there is no problem to open an account in euros or dollars in a bank specified by the seller - in...