Europe prepares to open a Ruble . account

The British Financial Times, citing well-informed sources, said that distributors gas in Germany, Austria, Hungary and Slovakia are preparing to open accounts Ruble with Gazprombank to pay for the gas contract with Russia.

Among these companies are the two largest European importers, Germany’s Uniper and Austria’s OMV Group. Under the Russian payment scheme, energy importers must open two bank accounts with Gazprombank, one foreign currency account and one Ruble account.

Oil and gas sales are paid in foreign currencies (USD or Ruro), then converted by Gazprombank into a Ruble account. Negotiations between European customers and Gazprom are being accelerated as the payment deadline set by the Russian side is approaching.

These moves show the impact of Russia’s use of gas to pressure countries on supply, reducing the EU’s ability to form a united front against Russia. President Vladimir Putin at the end of March signed a decree requiring customers from “unfriendly” countries to open both foreign currency and ruble accounts at Gazprombank.

Russia has stopped supplying gas to Poland and Bulgaria since the end of April 26. In a statement on April 27, Gazprom said that it had sent notices to two energy companies Bulgargaz (Bulgaria) and PGNiG (Poland) about stopping gas supplies. The announcement states that the decision will remain in effect until the payments are paid in rubles in accordance with the decree of Russian President Vladimir Putin.

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