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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.
Energy BulletsCommodities
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