Moscow’s energy diversification plans – unveiled today with the RePowerEU maxi-package – are consistent, but Europe and the US are not speaking the same language on sanctions against Russia. This was noted yesterday (at her own expense) by US Treasury Secretary Janet Yellen, who, speaking at the Brussels Economic Forum, recalled that “Europe faces a particularly difficult situation in the energy sector”. That’s why Washington welcomes the proposal by “EU leaders to halt all Russian supplies within six months,” followed by an offer to increase exports of American liquefied natural gas to Europe to help “reduce dependence on Russian gas.” breaking energy”.
Gas, Eni opens accounts in rubles and euros at Gazprom Bank
The criticality
A radical halt reading, premature at best – if not a full-blown faux pas – as the 27 have yet to decide a complete halt to flows coming out of Moscow, nor a timing to hit methane imports. , while negotiations on the Russian oil embargo have been at a standstill for two weeks since the end of the year and Hungary remains firmly opposed. The European Parliament is the only EU institution to have issued a non-binding resolution calling for the immediate full embargo on all supplies: gas, oil, coal and nuclear fuel.
To freeze Yellen’s sprint, the words of High Representative Josep Borrell arrived in the evening, disarmed by the numerous black smoke on oil in recent days: the Spaniard dismissed the American exponent’s comments as “misinterpretations”. A complete disruption of energy supplies from Russia is not a decision we are prepared to take, we cannot afford it». Beyond the blips, however, European and American energy will resume talks today at the G7 of Finance Ministers in Bonn, the third and final stop on Yellen’s tour, scheduled yesterday after a face-to-face meeting with Commission President Ursula von der Leyen, has returned, to insist on the Stars and Stripes proposal for a cap on crude oil prices instead of (or alongside) the embargo Brussels is working on.
In particular, Washington fears that a radical halt to oil imports, if ever approved, would cause an earthquake in world markets and help push up black gold prices. For this reason, it is urging its allies to consider an alternative solution such as regulated price or the imposition of tariffs. Speaking of “the West’s energy suicide”, Vladimir Putin said yesterday that he was convinced that “as a result of the measures taken against Russia, the prices of petroleum products are rising at a dizzying speed”.
If oil is navigated on sight (with Hungarian Prime Minister Viktor Orbán demanding at least 770 million euros to support national industry before the veto threat is lifted), on gas and especially on payment methods – on the day Eni also decided “as a precaution”. to initiate the procedures for opening the double current account (in euros and rubles) in Gazprombank – there is confusion. “Balance in euros or dollars yes, opening the account in rubles no”: The spokesman for the commission clarified yesterday that sticking to the scheme of two accounts – one in euros, the other in Russian currency – is a violation of sanctions. A hint, however, not so explicit in the two documents – one from mid-April, the other from last Friday – which contain the orientations of Europe after the Kremlin decree. The EU executive has circulated the updated version among member countries and importing companies, who have been asked to carry out the transaction in euros or dollars in accordance with the treaty, and has attached a statement stating that payment is considered exhausted at the time of consideration and before the currency changeover: an ambiguous text that displeased anti-Moscow hard-line supporters like Poland. “Each member country must enforce the sanctions and also monitor compliance by the company,” the spokesman for the Berlaymont building continued. In case of non-compliance, the Commission can launch an infringement procedure against the state.” However, this process usually takes several years: in short, a non-reaction, while like Eni other importers, from the Germans of Uniper to the Austrians of OMV, open the account in rubles, so as not to close the taps. This is what happened a month ago in Poland and Bulgaria, after refusing to open the K account, and as could soon happen in Finland, which made it clear yesterday that it has no intention of complying with the Kremlin’s dictates .
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