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German Gas Companies Use Euro to Rouble Accounts

NATURAL GAS

German companies Uniper and RWE have both paid for Russian gas under a new scheme proposed by Moscow. The payment method involves paying in euros and then swapping the currency to roubles. It is seen as a work around way to comply with EU regulations while keeping supplies from Russia flowing.

  • A number of those who have refused to update payment terms have seen gas cut-off this week including the Netherlands GasTerra and Denmark’s Orsted.
  • "The first of these payments was made at the end of May. Uniper is therefore acting in compliance with sanctions and can continue to ensure timely fulfilment of the contract." according to a Uniper statement.
Energy BulletsCommodities
Energy BulletsCommodities

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