Even if Europe wants to reduce its purchases of Russian gas by two thirds for the year 2022, the continent’s energy companies have a more pressing concern: to ensure that they actually receive deliveries from current contracts. Even if it means supplying the Kremlin with rubles and, therefore, complying with the measures imposed by Moscow on so-called “unfriendly” countries, in other words unfavorable to the invasion of Ukraine by Vladimir Putin’s troops.
In total, “54 companies” Foreign companies are bound by contract to the Russian energy giant, Gazprom, according to Russian Deputy Prime Minister Alexander Novak. On that, ” about half have already opened special accounts in our bank (…) to allow the transfer of foreign currency, their conversion into rubles and the payment of gas supplied in rubles”, he added, Thursday, May 19, quoted by the national news agency RIA Novosti. The “final list” is expected “in the next few days”.
Since 1er April, the Kremlin requires gas purchases to be paid for in rubles. Published the day before, a decree specifies the terms and unilaterally modifies the contracts between European companies and Gazprom. The latter’s customers must now open two accounts with Gazprombank, a banking institution that the Europeans have taken care, so far, not to put under sanction. On the first, they make the payment in the currency provided for in their contract (in euros or dollars, in almost 97% of cases), which, in itself, does not pose any problem. But the Russian authorities consider that the transaction is carried out only when this sum is then converted into rubles and then transferred to the second account.
Twice in the past month, Brussels has sent recommendations to member states on how companies can continue to buy gas from Gazprom without violating the sanctions taken by the Twenty-Seven against Moscow, in particular those freezing the assets of the Bank. center of the Russian Federation. It maintained a certain vagueness, which finally leaves the capitals a certain freedom of interpretation.
A certain ambiguity
This is where the matter gets complicated. In its recommendations to the Member States, the Commission explains that it is possible to open an account with Gazprombank and make payments there for gas purchases in the currency provided for in the initial contract. The purchasing company must therefore declare the payment made, thus clearing itself of the rest of the process. But at no time does the Commission write that the opening of a second account constitutes, in itself, a violation of the sanctions. In doing so, she cultivates a certain ambiguity.
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