Russia asserts nearly half of its gas buyers opened ruble accounts to pay for supplies

Amid the ongoing war in Eastern Europe, the Russian Deputy Prime Minister claimed that about half of the Gazprom gas company's clients have already opened ruble accounts to pay for Russian gas supplies. Addressing a gathering at the New Horizons marathon, Alexander Novak stated that the final list of buyers who have switched to paying for gas in rubles will be released in the near future.

"We have about 54 companies that have contracts with Gazprom Export, there are large, medium and small companies. According to my information, about half of this number have already opened special currency accounts in our authorized bank," he added, as per the TASS news agency. The Russian Deputy Prime Minister further stated that the complete list of buyers who agreed to pay for gas in rubles and those who refused to pay will be made public in the coming days. According to Novak, The introduction of ruble payment for gas is a forced move that is required to sustain export earnings. 

Russian President signed decree establishing payment in rubles

"There are certain payment dates, there is an advance payment, there is an actual payment for the supplied gas. This is a mechanism that is extended in time - for example, deliveries in April, for which payment is finally made in May," the Russian  Deputy Prime Minister noted. Earlier on March 31, Russian President Vladimir Putin signed a decree that establishes a new method for paying for Russian gas deliveries by buyers from unfriendly nations. According to the decree, such countries require to send funds in foreign currencies to Gazprombank, which will buy rubles on the exchanges and deposit them in importers' special ruble accounts. Meanwhile, Russia will continue to supply gas in the volumes and at the rates agreed upon in previous contracts.

EU claims payments for Russian gas in rubles violate sanctions

It is pertinent to mention here that European Union (EU) has cautioned Russian gas buyers that converting payments into rubles could violate sanctions. The Kremlin's demand for rubles is widely seen as a ploy to weaponize its gas supply and exploit legal flaws in EU sanctions imposed on Russia for its invasion of Ukraine, Euractiv reported. Meanwhile, an energy expert at the Russian firm Vygon Consulting stated that Moscow's gas supply to Europe may be completely redirected to the Asia-Pacific region, where demand is growing. 

Image: AP