Some of Europe’s largest energy companies are reportedly making arrangements to comply with a new payment system for Russian gas despite the European Union (EU) having warned not to do so.
According to a Financial Times report quoting statements from people who knew about the matter, said gas distributors in Germany, Austria, Hungary and Slovakia were preparing to open ruble accounts at Gazprombank, Switzerland.
These include Russia’s two largest single importers of gas, Düsseldorf -based Uniper and Vienna -based OMV.
Negotiations between the firms and Gazprom, a Russian state-controlled gas supplier have intensified as the payment deadline approaches, the Financial Times reported.
Italy’s Eni company, which is a big customer of Gazprom is also said to be considering taking a similar step, according to sources familiar with the talks.
The preparations indirectly show the impact of Russia’s efforts to use its energy exports as weapons and challenge the EU’s ability to maintain a stance against Moscow.
Gas importers in Poland and Bulgaria have rejected Putin's call to pay for his gas in rubles, prompting Russia to suspend supplies to the two countries.
Under Russia’s new mechanism, European companies will continue to pay their imports to Gazprombank in euros, ensuring they do not violate sanctions rules.
Russian banks will convert euro -denominated deposits into rubles in a second account opened in their name for subsequent payments to Moscow.
