European Commission defers conventional guidelines for Russian gas payments

European Commission defers

The European Commission (EU) has reiterated how EU companies can pay for Russian gas without violating sanctions against Russia. Reuters has confirmed the latest guidelines.

According to the guidelines presented to EU member states on the 13th, EU sanctions will be specified by the company only if the payment is made in the currency agreed in the existing contract and the transaction is declared to be completed when the payment is made in that currency. The traditional advice that companies can make payments for Russian gas without preventing them from opening an account in a bank has been deferred.

Almost all contracts that EU companies have with Russian gas giant Gazprom are denominated in euros or dollars.

The guidelines state that companies should make a “clear statement” when they pay the euro or dollar, assuming that their existing contractual obligations have been fulfilled.

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