Over the past few days, about 10 European companies, including the Italian “Eni” and the German “Moniper”, fearing a shortage of energy resources, began to open bank accounts to pay for gas in the Russian currency in a move that experts prepared as “European submission to Russia’s decisions.”
Those decisions came after Russian President Vladimir Putin announced that the supply of gas and oil to “unfriendly” countries would be linked to the Russian ruble.
Disagreements and justifications
While justifying its move, “Moniper” said that it will pay for the gas it buys from Russia in euros, and it will be converted into rubles through a new account opened in the Russian currency, according to Reuters.
It added that the available options are non-existent, stressing its commitment to the sanctions, given that the transfer of payments in accordance with the Penal Code and the Russian decree is possible.
As for German Economy Minister Robert Habeck, he says, “The payments will be paid in euros and then transferred by Gazprom Bank to an account in rubles. The risk of Moscow cutting off the supply must be taken seriously.”
The Italian Eni is also seeking to buy Russian gas by opening accounts in rubles, in violation of the European Union’s request not to deal in the Russian currency.
According to Bloomberg Agency, “Eni is preparing to open accounts in rubles in Gazprombank, which would allow it to comply with Russian demands that it pay for gas in the local currency, and justified the move as a “precaution.”
According to the agency, this European unit may have begun to fade, as a source close to the Russian gas giant Gazborm revealed that 4 European buyers of gas paid in rubles, and others opened 10 accounts in “Gazprom Bank” to meet the new payment requirements.
In Vienna, Austrian Chancellor Karl Nehammer said that the Austrian energy company “OMV” “accepted the payment terms imposed by Moscow, considering them compatible with the sanctions.”
For his part, Russian Foreign Minister Sergei Lavrov says that most of the international partners have agreed to the method of payment for the natural gas that we requested.
On Wednesday, Russia’s Gazprom announced cutting gas supplies to Poland and Bulgaria after the two countries refused to start paying for supplies in rubles.
And 97 percent of the contracts concluded between Russia’s Gazprom and European countries are denominated in euros or dollars, but the ruble’s decision came as a move by Moscow to respond to Western sanctions.
Dr. Muhammad Farraj Abul-Nour, a specialist in Russian affairs, says that Russia’s decision to link gas to the ruble is an economic punishment for Europe and the West, which imposed harsh economic sanctions on Moscow, and it is a Russian message to Europe confirming that Russian energy is important to global energy security and political and economic stability in those countries. .
He adds to the “Sky News Arabia” website that the West, after the Russian intervention in Ukraine, launched an economic war against Moscow, which reflected negative effects on the entire global economy, and the decision to link the ruble to gas made the Russian currency regain its value it lost with the war, pointing out that inflation rates in Russia are declining Clearly, which indicates that Moscow is on its way to adapt the repercussions of those sanctions and absorb their effects.
Concerns and warning
For its part, the European Commission considered, on Thursday, that the “acquiescence” of European countries to Moscow’s condition represents a circumvention of European sanctions, accusing Moscow of “blackmailing Europe.”
According to the European Commission, the payment mechanism imposed by the Kremlin creates a new payment mechanism in two stages: in the first stage, the amount is transferred, in euros or dollars, as stipulated in the purchase contract, to an account in Gazprom Bank, and in the second stage this amount is transferred to rubles in Another account in the same bank.
The Commission pointed out that the process of transferring funds from the first account to the second account passes through the Russian Central Bank, which is prohibited by European sanctions applicable to Moscow.
European Commission President Ursula von der Leyen warned companies not to bow to Russia’s demands to pay for gas in rubles.
As for the European Commissioner for Energy, Kadri Simpson, she advised the EU countries to stick to the euro or the dollar in their existing contracts with Russia and not to pay in rubles to buy gas.
With gas payment deadlines set to begin over the next month, governments and companies across Europe must decide whether to stick to the new rules or face the prospect of supply cuts.
The Russian economist in the field of energy security, Vladimir Igor, says that “the decision of the ruble has economic objectives, including increasing the demand for the ruble, and it also has a symbolic meaning that comes in the context of Russia’s attempt to break the dominance of the dollar and the euro.”
He added to Sky News Arabia, that “the ruble step was made to remind the Europeans of their degree of dependence on Russian resources, especially gas, because they persist in imposing sanctions and at the same time claim their readiness to give up Russian gas.”
Last month, Russian President Vladimir Putin shocked European governments and markets by demanding that gas be paid in rubles through a complex mechanism that involved setting up two linked bank accounts to handle the foreign exchange transaction.
The White House says Russia mainly uses energy supplies as a “weapon” by cutting off gas supplies to Poland and Bulgaria.
The European continent depends on Russian gas supplies to meet more than 40 percent of its gas needs.
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