Russia announces the number of Russian gas buyers who agree to pay in rubles

vice Prime Minister Russia Alexander Novak told the forum on May 20 that several large companies have already paid for Russian gas under the new policy, Reuters reported. Moscow will soon know for sure which companies paid in Russian rubles and which refused to comply, he said.

“The gas payments under the main contracts are due. It is reported that some large companies have opened accounts, paid (gas bills) and are ready to pay them on time” – Deputy Prime Minister of Russia speak.

“In the next few days we will see the final list of those who paid in rubles and those who refused,” Novak added.

Nearly all contracts for the supply of Russian gas that companies EU All credits with Gazprom are denominated in Euros or USD and some of the leading Western companies have opened accounts with Gazprombank.

Over the weekend, the European Commission (EC) – the EU’s executive body, published updated guidance on how companies can continue to legally buy Russian fuel in the context that since the end of March Russia requires customers pay in rubles or risk losing supply.

The updated EC guidance confirms that EU sanctions on Russia do not prevent companies from opening an account at a designated bank. Companies can pay for Russian gas – as long as paying in the currency agreed to in existing contracts and declaring the transaction complete when that currency is paid.

However, a spokesman for the European Commission on May 17 said that the open account in Russian ruble at Gazprombank would violate EU sanctions.

“It goes beyond the instructions that we give to member states as to what is permissible under the current way of governance,” the EC spokesman stressed.

Russia stopped supplying gas to Bulgaria and Poland in April after the two countries refused to comply with Russia’s demand that European customers pay for Russian gas in rubles.

Gasum, Finnish energy supplier, refused to switch to the new payment scheme requested by Russia. This week, Gasum will submit a dispute over ruble payments with Russia’s Gazprom Export to arbitration.