According to the Russian statement, Western countries such as Germany and Austria must open accounts with Gazprombank from today to continue receiving gas. Otherwise, deliveries to countries on the list of “hostile countries” would be stopped, announced President Vladimir Putin. Chancellor Karl Nehammer (ÖVP) referred to existing contracts in Berlin on Friday: “What’s a lie, it sucks.”
Nehammer described Putin’s demand as a “political announcement”. So far, OMV has not received any documents about a contract change, he told a news conference in Berlin on Friday. As a contractual partner of Gazprom, OMV has contracts with the private sector until 2040, which must be paid in euros and dollars. If a corresponding document is available, it will be verified whether or not it complies with the sanctions. OMV is subject to the sanctions regime.
In the future, requesting states must guarantee payment in Russian currency through accounts that have an area for coins – that is, euros or dollars – and another for rubles. According to its own statements, Russian gas giant Gazprom will deliver gas through Ukraine to Europe on Friday as requested. Ordered delivery volume from European customers reaches 108.4 million cubic meters after 109.5 million cubic meters on Thursday, the state-controlled group announced.
Germany also does not want to pay in rubles
The German government insists that payments continue to be made in euros or dollars as contractually agreed. The exact effects of the changed payment arrangements are still unclear. Analysts in Moscow assume the system will not be fully effective until April and May. Experts do not suspect that the changes will have major consequences for German companies. The German Economy Ministry confirmed on Friday afternoon that the private gas supply contracts with Russia were valid and that the bills would be paid in euros. Gas supplies have been stable since yesterday and security of supply is assured, says a spokesperson.
The contracts between the Austrian OMV and the Russian Gazprom are denominated in euros. The domestic gas company was awaiting written information from the Russian contract partner. OMV guarantees “compliance with all applicable legal sanctions and provisions”.
There are great fears in the economy that a crisis could erupt if Moscow cuts off gas supplies or if the West imposes an energy embargo on Russia.
According to the decree signed by Putin, payments can still be made in euros or dollars to the Russian account. Gazprombank converts the money into rubles and transfers the amount to Gazprom. For Russia, the system would have the advantage that the ruble, which has recently come under pressure from Western sanctions, would appreciate significantly.