Financial Times – EU Energy Companies are planning to pay for Russian Gas in Roubles

According to the financial time reports, the energy companies from Germany, Austria, Hungary, and Slovakia are willing to agree with the Kremlin rules

April 28, 2022 - 12:40 PM 280 views

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According to the financial time reports, the energy companies from Germany, Austria, Hungary, and Slovakia are willing to agree with the Kremlin rules, which threaten the European Union’s (EU) unity and sanctions, and they are ready to accept the new payment system for Russian gas.

Additional Key Points

Gazprom, the Russian state-controlled gas supplier, has begun negotiating with the Utilities team, and they have yet to strengthen and finalize the payment deadlines.

Italy’s Eni, the biggest customer for Gazprom’s company, is scrutinizing the various other options for fuel supply.

The Rome-backed firm has time till the end of May to make a definitive decision and until its next payment for Russian supply is due.

These preparations clearly demonstrate the Russian government's determination to weaponize fuel gas supplies and openly challenge the European Union's (EU) ability to maintain a united front against Moscow.

The Market Reaction

Restless purchases of the US dollar and the EU-Russian energy crisis have impacted the EUR/USD pair, which seems to have broken below 1.0500, and the spot difference is down by 0.41% on the day. 

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