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Commission: Rouble Payments For Gas Could Breach Sanctions-RTRS

EU-RUSSIA

Reuters reporting the release of a European Commission guidance document regarding the Russian request for gas payments from 'unfriendly nations' in the EU to be made in roubles.

  • Says that EU companies can only lawfully comply with the Russian rouble demand if it does not breach EU sanctions. Adds that it appears possible for companies to continue to deposit euros or dollars for Russian gas under existing contracts.
  • Says that the Russian decree demanding payment in roubles does not prevent a payment process that would allow EU companies to comply with sanctions, but it is not yet clear how this could work.
  • Goes on to say that any transaction in roubles could involve the Russian Central Bank, which would be a breach of EU sanctions.
  • Speaking to BloombergTV on 20 April, German Finance Minister Christian Lindner stated his belief that EU firms should not have to pay for gas in Russian currency: “Contracts are contracts...Contracts are based on dollars and euros and so private-sector companies should pay in dollars or euros.”
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