Despite Putin’s decree: the flow of gas continues, the euro is replaced by the ruble

Payments can also be made in euros or dollars to the Russian account. Then Gazprombank exchanges money in rubles and transfers them to Gazprom.

According to the Russian statement, Western countries such as Germany and Austria should have accounts with GazpromOpen a bank to continue receiving gas. Otherwise, President Vladimir Putin announced on Thursday that deliveries to countries on the list of “unfriendly countries” would be halted.

So countries must guarantee future payments in Russian currency through accounts that have a currency area – that is, the euro or the dollar – and one for the ruble.

However, according to a decree signed by Putin, payments in euros or dollars can still be made to the Russian account. Then Gazprombank converts the money into rubles and transfers the amount to Gazprom. For Russia, the system will have the advantage that the ruble, which has recently been under pressure due to Western sanctions, will rise significantly.

Gazprom continues to supply gas

Indeed, according to its own statements, the Russian gas giant Gazprom will deliver gas through Ukraine to Europe on Friday on demand. The state-controlled group announced that the volume of delivery required for European customers reached 108.4 million cubic meters after 109.5 million cubic meters on Thursday.

(APA)