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Italy's ENI Set to Open Rubles Account

ENERGY
BulletEnergy BulletsCommodities

Italian energy group Eni will begin the process of opening an account in rubles according to Reuters.

  • Eni’s deadline for paying Gazprom for gas supplies is May 20 or risk being cut off. European countries are fearful of such actions after Poland and Bulgaria were cut off at the end of April.
  • The EU has not clarified to companies whether paying for Russian gas in rubles is a breach of sanctions.
  • Italian Prime Minster has referred to the issue as a “grey zone” this week.
  • Italy is heavily reliant on Russia for domestic gas supplies.
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Italian energy group Eni will begin the process of opening an account in rubles according to Reuters.

  • Eni’s deadline for paying Gazprom for gas supplies is May 20 or risk being cut off. European countries are fearful of such actions after Poland and Bulgaria were cut off at the end of April.
  • The EU has not clarified to companies whether paying for Russian gas in rubles is a breach of sanctions.
  • Italian Prime Minster has referred to the issue as a “grey zone” this week.
  • Italy is heavily reliant on Russia for domestic gas supplies.