EU outlines plan to buy gas from Russia

According to sources close to the matter, in the new guidance on gas payments, the European Commission (EC) says that businesses should clearly state that they consider their obligations to be fulfilled after when paying in euros or USD under existing contracts. This guidance does not prevent businesses from opening accounts at Gazprombank.

European companies have struggled for weeks to find a solution that meets Russia’s demands while maintaining vital gas supplies without violating sanctions imposed on Russia’s central bank. On March 31, Putin said that if gas payments are not made in rubles, the export of this item will be stopped. Currently, Europe is still heavily dependent on Russian fuel to meet its heating needs for homes and supply the electricity industry.

It is expected that the new guidelines will clarify that businesses can open accounts in euros or USD at Gazprombank at the request of Russia. However, the EU’s executive body did not say whether having a ruble account – a step included in the Russian decree – was in line with EU regulations. In the past, officials have argued that opening such an account would violate sanctions.

Another important point in the guidelines is that once European companies make payments in euros or USD and declare that their obligations have been fulfilled, the Russian side will not take any further action against them regarding amount paid.

Many businesses have a payment due later this month, and if they don’t, gas supplies could be cut off. Poland and Bulgaria (Bulgaria) have had their supplies cut off after failing to comply with Russia’s request.

Putin’s decree calls on companies to open two accounts with Gazprombank – one in euros and one in rubles – and stipulates that gas payments will not be settled until euros are converted. into rubles.

Russia clarified its decree earlier this month, stating that payments received in foreign currencies will be converted to rubles through accounts with Russia’s National Clearing Center and Gazprom. provides buyers with additional assurance that the central bank will not participate in the transition.