Germany paid for Russian gas in rubles for the first time

Russian gas pipeline
Photo EPA/ROBERT GHEMENT

The German energy companies RWE and Uniper have confirmed that for the first time they paid for Russian gas according to Moscow rules, ie in rubles through an intermediary bank in Russia.

According to the rule adopted at the end of March, suppliers of Russian gas from "enemy countries" must open an account with Gazprom Bank and pay remittances in the agreed currency, primarily in dollars and euros. The bank exchanges those funds on the stock exchange for rubles and sends them to Gazprom's account.

Moscow considers all EU members, the United States, Switzerland and others who imposed sanctions on Russia over its invasion of Ukraine as "enemy" states, excluding major Russian banks from the global financial system.

Such provisions set by Moscow have divided EU countries. Poland, Bulgaria and Finland have refused to pay for Russian gas under the new rules, and Gazprom suspended deliveries last month. This week, the Russian company announced that it was stopping gas supplies to the Dutch "GasTera" and the Danish "Oersted".

Germany is a major importer of Russian gas, which last year accounted for more than half of imports of that fuel, and a significant share of imports was realized through RWE and Uniper. Both companies have already announced that they will open accounts with Gazprom Bank, in accordance with current rules dictated by Moscow, to ensure the country's continuous supply of Russian gas.

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