In paying gas in rubles, Russia and the European Union defend their version

Will Russia run out of gas tomorrow? French Economy Minister Bruno Le Myre agrees that this question is not so irrelevant. “It simply came to our notice then (…) There will be no more Russian gas. On March 31, in Berlin, during a press conference with his German envoy, Robert Hebeck, he agreed.

Friday to 1Er April, Russia to supply gas to EU (EU) countries only on one condition: Countries considered “Friendly” – That is, the Russian military opposes the invasion of Ukraine – paying their bills in rubles for supplies, rather than in euros or dollars. If denied, “Ongoing contracts will be terminated”, He threatened the Kremlin leader in a televised speech on Thursday.

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The move is aimed specifically at supporting the fall of the Russian currency and the ruble’s course after the first Western sanctions against the Ukrainian invasion. Freezing Russian assets abroad would actually mean about $ 300 billion (1 271 billion). Or less than half of the reserves of the Central Bank of Russia.

Gazprombank, a very effective intermediary

Designed by the Kremlin, the device will, in fact, allow each protagonist to come to terms with his own interpretation. For good reason, the Kremlin offers companies two separate accounts for imports. Account for payments in their own currency; Another account for the conversion of everything into rubles by Gazprombank, the banking arm of Russian energy company Gazprom, has so far escaped EU sanctions. “Whoever receives Russian gas, who pays for the deliveries, there is really no change. They receive rubles for the amount of foreign currency issued in the contract.On Thursday, the Kremlin spokesman Dmitry Peskov promised.

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This hue of compromise will lead to conflicting communications, and everyone is trying to keep up the look. On the one hand, while ensuring that he is a reliable supplier, Vladimir Putin highlights his mandate. On the other hand, German Chancellor Olaf Scholes recalled it“It is written in the contracts that the money will be paid in euros and sometimes in dollars”. And add: “I made it clear to the Russian president that it would remain so. (…) Companies want to pay in euros, and will do so. ⁇

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