Russian President Vladimir Putin on Thursday signed a decree requiring buyers from the countries not sociable – the countries that have adopted sanctions against Russia – that they open an account in rubles with Gazprombank, a branch of the public hydrocarbon giant Gazprom.

It was announced that all bills will be issued in rubles starting this Friday, to support the national currency weakened by sanctions imposed by Western countries in response to what he describes asspecial operation in Ukraine, Vladimir Putin warned that Russia would not deliver gas Free if consumers do not comply and continue to pay in currencies other than the ruble.

The Kremlin, which needs gas revenues to support its war effort, however clarified on Friday that it would not immediately close the valves on its gas pipelines, with invoices issued in early April that in relation to deliveries scheduled for the second half of the month. and in May.

This gap leaves some time for European countries to organize themselves and consultations went smoothly on Friday with companies in the sector.

We work closely with Member States and operatorswrote on Twitter the Director General of the Energy Division of the European Commission (EC), referring to an ongoing coordination withinEuropean UnionEU to establish a common approach in the payment of contracts signed with Russia.

The Commission declined to comment further at this stage.

Putin needs our money

Hydrocarbon exports are the main lever Russia can use to respond to Western sanctions of an unprecedented scale that have hit it since the invasion of Ukraine, but the Kremlin’s room for maneuvering is limited due to lack. an alternative outlet in the short term for its gas.

If Putin turns off the gas tap, it may only take a short time. He needs our money and he can’t redirect all his natural gascomment of a gas consumer in Europe, who wished to remain anonymous.

Experts believe that the new payment system developed by Moscow, which reinforces Gazprom’s important position, aims more to protect the public giant from new sanctions than to deprive Europe of energy.

Gazprombank is one of the banks in Russia not included in the SWIFT payment system, but froze its assets last week in the UK, a country that imports only 4% of its gas consumption from Russia. .

The announcement of payment for gas purchases in rubles at the same time allows the Russian currency to return almost to its level before the war against the dollar and euro, after reaching a historically low loss of more than a third of its value during the first days of the battle.

It’s a game of playing penalties, adding to uncertainty and pushing prices up the line of Putin’s pockets.comment by another market player.

Germany, one of Russia’s most gas-dependent countries, which accounts for 40% of its needs, said on Friday to study the decree signed by Russia’s president.

While Berlin has activated a contingency plan that could see gas supplied to businesses rationed if supplies are too reduced, a spokesman for the economy ministry said private importers will continue to pay for in their purchases. in the euro, contracts signed in this currency remain valid.

Gazprom left Germany

Gazprom, which built Nord Stream 1 and 2 gas pipelines directly connecting Russia to Germany, the latter was not approved because, in particular, the war in Ukraine, indicated for its part on Friday that it withdrew from the German market, without it being possible to even measure the implications of this decision.

The Russian gas giant also said it had begun to inform its customers of the need to pay for their next purchases in rubles.

A spokesman for Austrian company OMV confirmed that initial contact had been made with Gazprom and that the latter would provide written details.

Austria, which imports almost all of its gas from Russia, is particularly vulnerable to this crisis.

Another important buyer of Russia’s gas, Italy estimated on Friday that in the current state of affairs, the law signed by Vladimir Putin not much changethe conversion into rubles has to be done at the level of Gazprombank.

If things stay as they are, it shouldn’t change much altogether.comment by the Minister of Ecological Transition, Roberto Cingolani, to the RAI.

However, the Italian government is working to diversify its sources of supply and should soon sign contracts with other countries that will allow it to quickly replace 29 billion cubic meters. so far provided by Russia.

Gazprom said it exports in the first quarter of 2022, ending March 31, 38.5 billion cubic meters to countries outside the former Soviet Union, down 27.1 percent from the previous year.