The Italian energy giant has opened a ruble account to pay for Russia’s gas

The payment obligation can be fulfilled by transferring euros and the new methodology should not be inconsistent with existing penalties regarding Moscow imposed by the European Commission, Eni assured in a press release.

The Italian group, 30.3% state -controlled, thus seems to be taking the opposite view of the European Commission’s recommendations, according to which opening an account in rubles would constitute a violation of sanctions and lead to breach procedure. from Brussels.

Anything beyond the rules issued by the Commission to Member States violates penaltiessaid his spokesman Eric Mamer hours before Eni’s announcement.

These indications consist of open a currency account specified in the contract, to pay in this currency and make a declaration stating that it closes the payment for the delivery of the gas in question.he pointed out.

According to Eni, that was confirmed by the Russian authorities billing and payment will continue to take place in euros – the money agreed upon by the contracts -, and an operator of the Moscow Stock Exchange will carry out the conversion into rubles within 48 hours without the intervention of the Central Bank of Russia.

A Kremlin decree introduced a new method of payment in two stages, which first was a deposit in a Gazprombank account in euros or dollars, then the conversion into rubles in a second account was opened in the same establishment.

Initially, this conversion mechanism involves a transaction with the Russian Central Bank, which is prohibited by the European Union (EU) sanctions regime.

While Brussels has ruled on several occasions that such a ruble conversion mechanism represents an avoidance of penalties ofEUEuropean Unionsome Member States concerned about maintaining their supplies have requested clarifications from the European Commission.