Bloomberg learned about the rejected German payment for Russian gas

According to Bloomberg sources, this is one of the payments under the medium-term contract. The German-controlled company is negotiating with Gazprombank and the export division of Gazprom alt=”Bloomberg learned about the rejected German payment for Russian gas” />

Gazprombank declined payment for some gas supplies to Germany and Austria by Gazprom Marketing & Trading Ltd, despite the fact that the company tried to pay using a ruble account, Bloomberg reports citing sources.

This is one of the payments under a medium-term contract for the supply of 7 TWh until the end of 2023, the agency’s interlocutor said. The company is making efforts to process the payment and is in talks with Gazprombank and Gazprom's export division, agency sources say.

Gazprom Marketing & Trading Ltd is part of the Gazprom Germania group. On the termination of participation in the latter, the Russian “Gazprom” reported April 1. After that, the German authorities announced that the German Federal Network Agency would take control of the company.

Russian President Vladimir Putin signed a decree on transferring gas payments into rubles for unfriendly countries (the list includes the entire EU) on March 31. The new system involves the opening of two accounts by counterparties— currency and ruble— at Gazprombank. The gas buyer transfers the currency to the first account, then the bank sells it on the stock exchange and credits the funds in rubles to the second one. After that, the payment is considered completed.

Putin explained the need for such a scheme by the risk of freezing funds in dollars and euros on the part of Western countries with further gas payments in foreign currency. At the same time, he stressed that Russia will continue gas supplies in accordance with the volumes and pricing principles that are specified in previously concluded contracts.

Initially, European countries for which Russia— one of the main gas suppliers, called the requirements for payment in rubles unacceptable and inconsistent with the contracts. Later, the German Uniper made it possible to pay for gas with conversion from euros to rubles. The found method of paying in Russian currency was announced in Hungary.

Read on RBC Pro Pro Double-digit inflation in Russia. What assets can insure against it? paintings, books – how debtors extinguished debts in the 1st quarter. 2022 Case studies Pro What strategy will help the company become a leader after the recession Research Pro Inflation in Russia shows records. What to expect next completely stopped gas supplies to Bulgaria and Poland— companies “Bulgargaz” and PGNiG— because of their refusal to pay for gas in rubles.

Contributed to the article Authors Tags


Leave a Reply

Your email address will not be published.