But you can only pay in euros or dollars

Brussels – Europe opens “Q Account“But payments by the EU in euros or dollars should be considered completed at the time of payment and before the currency is exchanged. However it does allow states to continue to pay for Russian supplies without violating the restrictions.

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In Brussels, the commission’s technicians are working to finalize new and stringent guidelines sought by member states and companies to clarify the mystery of holding companies on the old continent hostage for one and a half months after the order is issued. The Kremlin is forcing gas importers from “enemy” countries (including all EU countries that allowed Moscow into the aftermath of the Ukraine invasion) to buy in rubles according to a complex scheme based on two accounts of the state-owned monopoly bank, Gazprombank. Energy: one in euros, the other in rubles. The EU Administrator issued an initial statement on April 21: Document with questions and answers, as far as possible, Europe’s position on the Russian mandate. However, the text has confused many of the captions, and the guidelines for it can be very vague and at times vague. Just ask the Commission to provide more clarity for businesses.

Last Friday, the Executive Directorate for Energy summoned representatives of twenty-seven and importing companies, explaining how to improve previous guidelines. As was already the case a month earlier, Brussels did not get to the center of the question regarding the opening of a second account at Gazprombank mentioned in rubles a few steps earlier. In order not to violate the sanctions, the companies are instructed to pay with a notice stating that the contract obligations to Moscow have been settled with the outstanding amount in euros. However, a cautious decision that not everyone likes is that towards Poland, countries from Poland to the Baltics recommend a drastic course, believing that stricter rules are needed to avoid holes. The Kremlin decree refers to the conversion of the ruble by Gazprompang into a ruble, which, by the time it deals with the completion of the transaction, does not provide a deadline for change: the wait is, in the interpretation of EU officials, a practical loan to the Russian central bank, one of the cross-chairs of Western sanctions.

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Gasprom took what appeared to be a step towards Europe last week: promising customers that they would be able to pay in euros and not play a direct role in the new mechanism set up by the country’s central bank. Moscow to support the ruble in the face of the impact of regulatory measures. According to developments, however, Brussels will continue to use the gray area created by Putin’s order, despite updating the guidelines, without having to put the pen to say that it is forbidden to follow the K accounting plan. “No one has yet said whether paying in rubles violates the ban,” Prime Minister Mario Draghi recalled from Washington a few days ago, recalling that “most importers have already opened their accounts with Cosbrombank in rubles.”
An important step in replenishing stocks in view of winter is a measure to protect the continuity of distributions. Poland and Bulgaria did not want to join the new Russian tariff system, but closed their pipelines overnight.

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