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Split Views on Paying for Russian Gas

ENERGY

Engie will pay Gazprom for Russian gas in euros:

  • "We are paying in euros, and so we're not getting exposed to foreign exchange risk," according to Engie chief executive Catherine MacGregor during today’s analyst call.
  • The European Commission sent its revised guidelines to member states on Friday about paying for Russian gas. In the updated recommendations, it said companies should make a clear statement that they consider their obligations fulfilled once they pay in euros or dollars.
  • The guidance does not prevent companies from opening an account at Gazprombank and will allow them to purchase gas in accordance with EU sanctions following Russia’s invasion of Ukraine.
  • The announcement does not cover Putins decree to open a second account in rubles, leaving a grey area but an increased number of European companies are trying to comply with Russian demands.
  • Eni is reported to have opened an account in rubles with Gazprombank. Its deadline to pay for Russian gas looms on May 20.
  • It remains to be seen over the coming weeks how European buyers pay for Russian gas supplies, but many are expected to pay in rubles to keep flows to Europe going.
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Engie will pay Gazprom for Russian gas in euros:

  • "We are paying in euros, and so we're not getting exposed to foreign exchange risk," according to Engie chief executive Catherine MacGregor during today’s analyst call.
  • The European Commission sent its revised guidelines to member states on Friday about paying for Russian gas. In the updated recommendations, it said companies should make a clear statement that they consider their obligations fulfilled once they pay in euros or dollars.
  • The guidance does not prevent companies from opening an account at Gazprombank and will allow them to purchase gas in accordance with EU sanctions following Russia’s invasion of Ukraine.
  • The announcement does not cover Putins decree to open a second account in rubles, leaving a grey area but an increased number of European companies are trying to comply with Russian demands.
  • Eni is reported to have opened an account in rubles with Gazprombank. Its deadline to pay for Russian gas looms on May 20.
  • It remains to be seen over the coming weeks how European buyers pay for Russian gas supplies, but many are expected to pay in rubles to keep flows to Europe going.