But you can only pay in euros or dollars

But you can only pay in euros or dollars

Brussels – Europe Opening “K Account“However, EU companies should be considered to have completed payments in euros and dollars before the currency conversion. Allowing states to continue providing.

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Mechanism
In Brussels, the commission’s technicians are working to finalize new and stricter guidelines requested by member states and companies to clarify the puzzle that has held companies on the old continent hostage for a month and a half since it was published. The Kremlin is forcing gas importers of “hostile” countries (including all EU states that allowed Moscow after the occupation of Ukraine) to pay in Kremlin rubles, according to a complex scheme that relies on two accounts in the state-owned Gazprombank. Energy: one in euros, the other in rubles. The European Union Executive on April 21 published an initial orientation: Europe’s position on Russia’s mandate, a document with as many questions and answers as possible to outline. However, this text has confused many titles, and the guidelines for that can be very vague and sometimes vague. It is enough to ask the commission for more reflection to give more clarity to the businesses.

Last Friday, the Executive Directorate-General for Energy summoned representatives of twenty-seven and importing companies to explain updating previous guidelines. As in the previous edition a month ago, however, Brussels did not get to the heart of the question of opening a second account with Gazprombank, something set in rubles, which was stopped a few steps earlier. In order not to violate the sanctions, the companies are required to pay their contractual obligations with Moscow along with their payment with a declaration stating that the balance of the euro has expired. It was a precautionary measure that not everyone liked, however, as countries from Poland to the Baltics argued for a tougher stance against Moscow, convincing them that stricter laws were needed to avoid loopholes. The Kremlin order, which marks the real transition to rubles by Gazprombank at the moment when the transaction should be considered complete, does not provide a time window for change: a wait-and-see interpretation by EU officials that the Russian central bank will be ready for one of the realities that came at the cross-section of Western sanctions.

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Arbitration
Last week, Gazprom seemed to be a step towards Europe: in its communication with customers, it was assured that payments would be made in euros and that the country’s central bank would not be directly involved in the new system. Moscow to support the ruble in the impact of control measures. However, in line with the move, Brussels will continue to exploit the gray area created by Putin’s order, despite the fact that the guidelines have been revised and the K account scheme has been banned. “No one has yet said whether the ruble’s payments are in violation of the embargo,” Prime Minister Mario Draghi said a few days ago in Washington, D.C.
At an important moment in the filling of stocks in view of the winter, the move to save the continuity of supplies. Poland and Bulgaria, both countries, do not want to join the new Russian payment system, instead closing their taps overnight.

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