Gazprom Confirms Gas Cut to Netherlands

Gazprom confirmed it has cut off gas supplies to Dutch gas trader GasTerra for failing to pay for supplies in roubles. GasTerra had warned yesterday they expected this to happen.

• Russia has already cut off supplies to Poland, Bulgaria and Finland while Denmark have warned they could be next.
• Gazprom reiterated their demand today - "Payments for gas supplied from April 1 must be made in roubles using the new bank details, about which the counterparties were informed in a timely manner”
• GasTerra said in a statement yesterday that they have made alternative arrangements to cover the 2 billion cubic meters (bcm) of gas it had expected to receive from Gazprom through to October.
• As part of the statement, GasTerra said – “it is impossible to predict how the lost supply of 2 billion m3 of Russian gas will affect the supply/demand situation and whether the European market can absorb this loss of supply without serious consequences.”