Energy giant Gazprom has until the beginning of next week to accept payments for natural gas exports in the Russian ruble, the national currency. President Vladimir Putin has issued the relevant instructions to Gazprom, Kremlin spokesman Dmitry Peskov said on Friday. The group now has four days to set up the payment conversion system. “This information will then be made available to buyers of Gazprom’s products,” said Peskov.
So far, about 58 percent. Gazprom’s exports are in euro, 39 percent. in dollars and 3 percent. in pounds. Putin said on Wednesday that Russia will demand payment in rubles for gas sold to “hostile” countries. Earlier, the US and its European allies imposed joint sanctions on Russia to force the country to withdraw from Ukraine.
Harsh criticism
Putin’s announcement has been severely criticized in Europe. Many companies indicated that the current contracts with Gazprom provide for payments in euros or dollars, but not in rubles. Russian supplies cover around 40 percent of Europe’s gas needs. At the same time, Peskov pointed out that Novatek, Russia’s largest producer of liquefied natural gas, did not receive such instructions.
The German government believes that Germany’s energy suppliers have an obligation to ensure that contracts with Russia for oil and gas supplies are complied with. This also applies to paying bills in euros or dollars, said a spokesman for the German Ministry of Economy in Berlin. But we always talk here.
No comment
At the same time, it turned out that Gazprom allows Gail’s Indian customer to pay for gas imports in euros instead of dollars, two insiders said. Gail operates the largest pipeline network in India and has a long-term contract with Gazprom to purchase 2.5 million tonnes of LNG per year. Neither Gail nor Gazprom wanted to comment on those asked. India has so far refrained from openly condemning Russia over the war. Indian companies are now buying Russian oil because it is available at a big discount after some companies and countries avoid buying from Moscow.