The number of European customers opening a ruble account to buy gas has doubled

Citing a source familiar with the matter, Bloomberg reported that a total of 20 European companies had opened accounts, while another 14 customers inquired about the paperwork required to open an account. The source declined to reveal the identities of the companies.

For the past several weeks, European buyers have struggled to think of how to respond to Russian President Vladimir Putin’s request to pay for Russian gas in rubles starting April 1. without violating sanctions imposed by the European Union on Moscow. Under the new payment mechanism, customers have to open two accounts: one in international currency and one in rubles at Gazprombank. At the end of April, after Poland and Bulgaria refused the above payment terms, the energy group Gazprom stopped the flow of gas to these two countries.

With the payment deadline for April supplies due to expire at the end of this month, Russia has turned to address EU concerns that the new payment mechanism could breach sanctions. A source close to Gazprom explained that the transaction is considered complete after the buyer pays Gazprombank in foreign currency. The subsequent conversion to the ruble is automatic and does not involve the central bank of Russia, which is subject to EU sanctions. Therefore, the fact that companies open accounts in rubles and pay for gas through here is not considered a violation of sanctions.

It is not yet known whether the Russian changes will allay European companies’ concerns, but Italian Prime Minister Mario Draghi on May 11 “gave the green light”, saying companies could liquidate. pay for gas in rubles without violating restrictions.

“Most of the gas importers have opened ruble accounts with Gazprom,” the leader said at a press conference on May 11. He revealed that Germany’s top gas importer paid in rubles.