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Russia declines Germany's ruble payment for gas after cutting off supplies to Poland and Bulgaria
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Russia declines Germany's ruble payment for gas after cutting off supplies to Poland and Bulgaria, report says. Russia's Gazprombank turned down a ruble payment from a trading firm Germany had seized from Moscow, sources told Bloomberg.
#eudebates the unique initiative aiming to promote debate, dialogue, knowledge, participation and communication among citizens. #Ruble #Russia #RussianWar #Economy #Currency #Putin #Rubles
The payment for some April and May gas deliveries to Germany and Austria was rejected even though the trading firm — Gazprom Marketing & Trading (GM&T) — offered to pay in rubles, as Russian President Vladimir Putin has demanded.
GM&T previously was controlled by the German subsidiary of Russian state-run Gazprom, but Germany took over the unit in April. Now, the rejected ruble payment suggests Moscow looks to shut out a German-controlled GM&T.
The trading firm, which is among many that import gas to Germany, is still in talks with Gazprombank to push the transaction through, sources told Bloomberg.
The standoff comes as the Kremlin uses its energy exports to retaliate against Western nations that have imposed sanctions on Russia for its war on Ukraine.
On Wednesday, Moscow halted natural gas supplies to Poland and Bulgaria, sending European gas prices up 28% and adding to concerns that Putin could target other nations on the continent. Gazprom said the reason for the gas halt is that both countries failed to pay in rubles.
Meanwhile, four European gas buyers have paid Russia in rubles for supplies, complying with Moscow's demands, according to Bloomberg, which also said 10 European countries have opened accounts at Gazprombank to make ruble payments.
The EU warns natural-gas companies not to pay Russia in rubles after the country cut supplies to Poland and Bulgaria. The European Union (EU) has told natural-gas companies not to comply with Russia's demand to be paid in rubles.
"To pay in rubles — if this is not foreseen in the contract — is a breach of our sanctions," European Commission President Ursula von der Leyen said at a Wednesday press conference, as reported by S&P Global Commodity Insights. "Companies with such contracts should not accede to the Russian demands."
Von der Leyen's comments came after Russian gas giant Gazprom shut off natural-gas supplies to Poland and Bulgaria on Wednesday. The two countries had rejected Russia's demands to be paid in rubles, which Russian President Vladimir Putin announced last month amid sanctions the energy powerhouse is facing over the war in Ukraine.
The halt in Russian gas to the two EU countries on Wednesday sent jitters across Europe, which depends on Russia for around 40% of its gas supplies.
"It comes as no surprise that the Kremlin uses fossil fuels to try to blackmail us," von der Leyen said on Wednesday, in a press statement that emphasized solidarity among EU nations.
Four European natural-gas buyers have already paid Russia in rubles, Bloomberg reported Wednesday, citing a person close to Gazprom. Bloomberg did not specify which four European buyers paid for supplies in the Russian currency.
Italian energy giant Eni is also taking precautionary measures as it prepares to set up ruble accounts at Gazprombank, Bloomberg reported, citing people familiar with the matter. Eni did not immediately respond to Insider's request for comment.
Four gas buyers in Europe have made gas payments to Russia in rubles, as demanded by President Vladimir Putin, reported Bloomberg News, citing a person close to Russia’s energy company Gazprom PJSC.
Last month, Putin demanded its ‘unfriendly’ countries to open accounts with state-controlled Gazprombank to pay for Russian gas in rubles.
In accordance with the order, the ten undisclosed European companies have opened the Euro and ruble accounts with Gazprombank to make payments.
The latest development comes a day after Russia said it terminated gas supplies to Poland and Bulgaria after they refused to make gas payments in rubles.
As a result of non-compliance with the rubles-for-gas requirement, further cutoffs are unlikely until the last half of May 2022 when the next round of payments is due to Russia, the person told Bloomberg.
The European Union told member states that opening accounts with Gazprombank would violate its sanctions.
In a separate announcement, Greece said it would help Bulgaria in meeting gas shortages as the latter faced gas supply cuts from Russia, reported Reuters.
Greece said it will make its next payment as scheduled at the end of May to Russian gas producer Gazprom.
Greek Prime Minister Kyriakos Mitsotakis’ office was cited by the news agency as saying, in a statement: “The prime minister said that Greece will help Bulgaria to deal with the new situation caused by the Russian decisions on energy.”
A Greek source aware of the development said that the country would reverse the flow of the TurkStream pipeline to Bulgaria.
#eudebates the unique initiative aiming to promote debate, dialogue, knowledge, participation and communication among citizens. #Ruble #Russia #RussianWar #Economy #Currency #Putin #Rubles
The payment for some April and May gas deliveries to Germany and Austria was rejected even though the trading firm — Gazprom Marketing & Trading (GM&T) — offered to pay in rubles, as Russian President Vladimir Putin has demanded.
GM&T previously was controlled by the German subsidiary of Russian state-run Gazprom, but Germany took over the unit in April. Now, the rejected ruble payment suggests Moscow looks to shut out a German-controlled GM&T.
The trading firm, which is among many that import gas to Germany, is still in talks with Gazprombank to push the transaction through, sources told Bloomberg.
The standoff comes as the Kremlin uses its energy exports to retaliate against Western nations that have imposed sanctions on Russia for its war on Ukraine.
On Wednesday, Moscow halted natural gas supplies to Poland and Bulgaria, sending European gas prices up 28% and adding to concerns that Putin could target other nations on the continent. Gazprom said the reason for the gas halt is that both countries failed to pay in rubles.
Meanwhile, four European gas buyers have paid Russia in rubles for supplies, complying with Moscow's demands, according to Bloomberg, which also said 10 European countries have opened accounts at Gazprombank to make ruble payments.
The EU warns natural-gas companies not to pay Russia in rubles after the country cut supplies to Poland and Bulgaria. The European Union (EU) has told natural-gas companies not to comply with Russia's demand to be paid in rubles.
"To pay in rubles — if this is not foreseen in the contract — is a breach of our sanctions," European Commission President Ursula von der Leyen said at a Wednesday press conference, as reported by S&P Global Commodity Insights. "Companies with such contracts should not accede to the Russian demands."
Von der Leyen's comments came after Russian gas giant Gazprom shut off natural-gas supplies to Poland and Bulgaria on Wednesday. The two countries had rejected Russia's demands to be paid in rubles, which Russian President Vladimir Putin announced last month amid sanctions the energy powerhouse is facing over the war in Ukraine.
The halt in Russian gas to the two EU countries on Wednesday sent jitters across Europe, which depends on Russia for around 40% of its gas supplies.
"It comes as no surprise that the Kremlin uses fossil fuels to try to blackmail us," von der Leyen said on Wednesday, in a press statement that emphasized solidarity among EU nations.
Four European natural-gas buyers have already paid Russia in rubles, Bloomberg reported Wednesday, citing a person close to Gazprom. Bloomberg did not specify which four European buyers paid for supplies in the Russian currency.
Italian energy giant Eni is also taking precautionary measures as it prepares to set up ruble accounts at Gazprombank, Bloomberg reported, citing people familiar with the matter. Eni did not immediately respond to Insider's request for comment.
Four gas buyers in Europe have made gas payments to Russia in rubles, as demanded by President Vladimir Putin, reported Bloomberg News, citing a person close to Russia’s energy company Gazprom PJSC.
Last month, Putin demanded its ‘unfriendly’ countries to open accounts with state-controlled Gazprombank to pay for Russian gas in rubles.
In accordance with the order, the ten undisclosed European companies have opened the Euro and ruble accounts with Gazprombank to make payments.
The latest development comes a day after Russia said it terminated gas supplies to Poland and Bulgaria after they refused to make gas payments in rubles.
As a result of non-compliance with the rubles-for-gas requirement, further cutoffs are unlikely until the last half of May 2022 when the next round of payments is due to Russia, the person told Bloomberg.
The European Union told member states that opening accounts with Gazprombank would violate its sanctions.
In a separate announcement, Greece said it would help Bulgaria in meeting gas shortages as the latter faced gas supply cuts from Russia, reported Reuters.
Greece said it will make its next payment as scheduled at the end of May to Russian gas producer Gazprom.
Greek Prime Minister Kyriakos Mitsotakis’ office was cited by the news agency as saying, in a statement: “The prime minister said that Greece will help Bulgaria to deal with the new situation caused by the Russian decisions on energy.”
A Greek source aware of the development said that the country would reverse the flow of the TurkStream pipeline to Bulgaria.
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