Gazprom Is Reassuring EU Clients Gas Payment Scheme Is Compliant With Anti-Russian Sanctions

Putin issued a 'clarification' decree and Gazprom sent out a letter

Putin issues a new decree solely to reassure EUropeans that Russian Central Bank will not be involved in converting the euros

Editor’s note: How nice of Russia to bend backward to try to assuage Europeans that her payment scheme is in full compliance with their financial war against her.

To read the original decree number 172 and the number 254 clarification (paragraph 7).


Source: Bloomberg

Natural gas prices in Europe edged lower as top supplier Russia tried to reassure buyers that they can keep paying for gas without breaching sanctions, the latest indication that Russia may be trying to find a way to keep the gas flowing.

Benchmark futures dropped as much 3.2 per cent, before paring some of the losses. In a letter seen by Bloomberg, Gazprom told clients that a new order published by the Kremlin on May 4 “clarifies the procedure” set out in the initial decree on ruble payments.

It’s not clear if the new order will be enough to assuage the concerns of the European Union, which has said that setting up an account in rubles, and dealing with the central bank would break sanctions. The EU had no comment on Saturday.

Poland and Bulgaria have already been cut off after they failed to meet Moscow’s new rubles-for-gas system. Other countries’ payment deadlines fall later this month.

The new order says that the foreign currency received from buyers is to be exchanged to rubles via accounts with Russia’s National Clearing Center. 

Gazprom said in the letter that the order ensures transparency of the cash flows from the foreign buyers and excludes the possibility of any “third party” being involved in the settlements. The procedure as set out appears to exclude the sanctioned central bank.

Gazprom didn’t immediately respond to a Bloomberg request for a comment sent on Saturday.

In late April, Russia’s central bank issued its own clarification of Putin’s original order. The Bank of Russia said that if foreign gas buyers paid into their foreign-currency accounts in good faith, gas wouldn’t be turned off even if Gazprombank fails to convert those funds into rubles, as long as the hold-up wasn’t caused by sanctions.

Separately, Governor Elvira Nabiullina announced the mechanism also limits the period for converting the euros and dollars into rubles to two working days, in a bid to ease EU concerns that the foreign-currency funds could end up being seen as a loan to the central bank.

5 Comments
  1. Ilya G Poimandres says

    I don’t get what’s difficult to understand – no one benefits from disconnecting the economies, other than the main instigators – the offshore Anglos.

    Being kind to the continental chattel slaves is the best a sovereign nation like Russia can do – they lose by being pushed around by Anglos too.

    Lead by example, and not the pissy American one.

  2. Adam says

    l have always said, the Russians have an internalised inferiority complex towards the westerners and like battered wives would do anything just to be accepted or acknowledge by their abusive partners. Russians are pathetically and cognitively colonised, the Chinese should never trust them or form any partnership with them. Once the Chinese become much stronger they should dump the Russians and prepare to annex the far eastern Russian lands once the west dismembers the Russian federation. The Russians are a liability for anybody trying to fight western imperialism. They would not sell Iran arms to defend themselves, contrast that with NATO supplying arms to kill Russians, they are a complete liability for any country resisting imperialism.

  3. Adam says

    l have always said, the Russians have an internalised inferiority complex towards the westerners and like battered wives would do anything just to be accepted or acknowledge by their abusive partners, they would grovel, bend backwards and prostrate themselves to whatever the westerners come up with, just to be acknowledged or accepted. Russians are psychologically and cognitively colonised, the Chinese should never trust them or form any partnership with them. Once the Chinese become much stronger they should dump the Russians and prepare to annex the far eastern Russian Amur lands once the west dismembers the Russian federation. The Russians are a liability for anybody trying to fight western imperialism. They would not sell Iran arms to defend themselves, contrast that with NATO supplying arms to kill Russians, they are a complete liability for any country resisting imperialism.

  4. Former says

    Why Anti Empire can’t agree this isn’t a scheme, but is a simple formula is beyond appearances like a Deep State Troll.

    Simple – Pay Russia in its currency OR BUY GAS ELSEWHERE. Any questions?

    Not tough stuff. Anti Empire finds comfort with the Empire too often.

    1. Field Empty says

      You’re a moron you little piece of shit. Learn to read imbecile.

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