Interfax on April 27 cited a notice from Gazprom, Russia’s main gas supplier to Europe, confirming that it had completely suspended gas supplies to Bulgaria and Poland, due to the refusal of these countries. payment for the purchase of Russian gas in rubles.
Russia has confirmed that it has cut off gas supplies to Poland and Bulgaria. Photo: Interfax
Gazprom confirmed that it has sent notices to Bulgargaz and PGNiG, two gas importers of Bulgaria and Poland, about the cessation of gas supply from April 27 until the payment is made in accordance with the request. Russian President Vladimir Putin announced last month.
Bulgaria and Poland are on the gas transit route from Russia to several other European countries. The Russian side warned that in case these two countries “illegally withdraw Russian gas in transit to third countries”, the transit supply will not be compensated accordingly.
Immediately after the information was confirmed, according to Interfax, the price of gas futures contracts for delivery in May 2022 in Europe at the opening session of today (April 27) on ICE Futures has increased rapidly, exceeding the $1,300/1000 cubic meter mark, up 25% from yesterday’s closing price of $1,089.
Gas prices in Europe increased sharply at the opening session of this morning. Graphics: Bloomberg
Meanwhile, Bloomberg said that the index of gas futures contracts on the Dutch exchange TTF rose 24% to 127.5 USD per MWh, the highest level since April 1, when Russia officially announced the The protocol requires European countries to pay for Russian gas in rubles.
According to the decision of the Russian side, “unfriendly” countries, including most members of the European Union (EU), must open an account at Gazprom’s Gazprom bank, then transfer dollars or euros there, so that they can be converted to rubles and returned to Russia.
European countries and Russia have been arguing for weeks over the new payment regime. A few days ago, the European Commission (EC) said that gas importers in Europe can comply with Russia’s request without violating sanctions.
Russia currently supplies about 40% of Europe’s gas needs. Gazprom, Russia’s main exporter, maintains more than 40 long-term agreements with countries in the “Old Continent”.
For Poland, Gazprom supplies about 10.2 billion cubic meters, equivalent to 50% of the country’s annual needs. Meanwhile, Bulgaria imports about 3 billion cubic meters of gas per year from Russia, or 90% of its needs.
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