RWE has opened an account in Russia to pay for gas in euros, said a spokesman for Germany’s largest electricity producer, thus satisfying Moscow’s demands for a new payment system, as reported by Reuters.
German Economy Minister Robert Habeck said the new method, which has caused confusion among European gas buyers and raised concerns about possible supply disruptions, would not cause problems.
Under the new Russian payment system, buyers are required to deposit euros or dollars into an account at the private Russian bank Gazprombank. The bank will convert the cash into rubles, transfer the proceeds to another account owned by the foreign buyer and transfer the payment in rubles to Gazprom.
“We are prepared to pay in euros and we have opened a corresponding account. Therefore, we are acting in accordance with European and German regulations,” said a spokesman for RWE, one of the importers of Russian gas in Germany.
It is noted that like Uniper, RWE must pay for Russian gas by the end of May.
The news comes as the Commission confirmed on Friday that EU sanctions do not prevent companies from opening a bank account. The commission said the companies could pay for Russian gas as long as they did so in the currency agreed upon in their existing contracts, stating that the transaction was completed when that currency was paid.
Asked about the new payment process for Russian gas, Habek, whose economy ministry is responsible for ensuring Germany’s energy security, said on Monday that “I guess it will work”.
Source: Capital
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