Europe is still confused about how to pay its Russian gas bills - News Summed Up

Europe is still confused about how to pay its Russian gas bills


London (CNN Business) Europe can't make up its mind on how to pay for Russia natural gas imports that continue to fuel homes, businesses and power stations. The confusion centers on the logistics of the payments themselves. Several European gas buyers have been preparing to work around the Kremlin's demand that gas bills be paid in rubles, rather than the euros or dollars stipulated in contracts. According to Russia's new payment mechanism, buyers in "unfriendly" countries must open two accounts at Gazprombank — one in euros and the second in rubles, from which payments for the gas would be made. But on Tuesday, the European Commission said companies opening an account in Russia's Gazprombank to allow their payments to be converted into rubles would fall foul of EU sanctions.


Source: CNN May 18, 2022 16:22 UTC



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