• 4 minutes The Federal Reserve and Money...Aspects which are not widely known
  • 8 minutes How Far Have We Really Gotten With Alternative Energy
  • 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 4 days Coincidence of EIA Report Delay? - "I had seen it delayed minutes, and a couple of times a few hours, but don’t recall something like this — do others?" asks Javier Blas
  • 3 days European Parliament Members, Cristian Terhes et al, push back against Totalitarian Digital ID and Carbon Tyranny in Europe.
  • 1 day "How Long Will The Epic Rally In Energy Stocks Last?" by Tsvetana Paraskova at OILPRICE.COM
  • 4 days "...too many politicians believe things that aren’t true." says Robert Rapier
  • 6 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 5 days Demonising fossil fuels has caused major grid problem in Australia
  • 5 days Welcome to Technocracy - The New World Energy Order... "1000s Of Sydney Homes Plunged Into Darkness As Aussie 'Price Cap' Policy Sparks Energy Shortage"
  • 7 days "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 331 days Beware the Left's 'Degrowth' Movement (i.e. why Covid-19 is Good)

Germany’s Uniper Looks To Buy Russian Gas In Euro-To-Ruble Scheme

Germany’s Uniper is continuing talks with Russian Gazprom and the German government on paying in rubles for deliveries of Russian gas, according to a Q1 financial report, out today.

The news comes as the European Commission urges member-state governments to shun Russian gas amid preparations for an embargo on Russian crude oil imports.

Uniper, which is one of Germany’s top gas buyers from Russia, said last week it was going to accept Gazprom’s new terms for gas payments.

"The plan is to make our payments in euros to an account in Russia," a company spokesperson told German media, as cited by Reuters last Thursday. Since then, however, the EC has stepped up pressure on European gas importers.

Yesterday, the Commission reiterated its warning that paying for Russian gas in rubles would constitute a breach of EU sanctions on Moscow for its invasion of Ukraine.

Per the new Russian terms for payments, any buyer of Russian gas from any unfriendly country needs to open two accounts in Gazprombank: one in the foreign currency it wants to pay in and one in rubles.

When a gas payment is due, the buyer deposits the necessary sum in dollars or euros in its first Gazprombank account. The bank then converts the sum into rubles under Russian central bank exchange rates and deposits it in the second account, from which the actual payment is made.

"Paying roubles through the conversion mechanism managed by the Russian public authorities and a second dedicated account in Gazprombank is a violation of the sanctions and cannot be accepted," said Energy Commissioner Kadri Simson on Monday.

The European Union received some 40% of its imported natural gas from Russia along with 26% of its imported crude oil. The bloc has substantially stepped up its efforts to find replacement supplies in the last few weeks.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News