Britain allows payments to Gazprombank for EU gas imports until May 31 & More News Here

The emblem of Gazprombank is seen at a department workplace in Moscow, Russia March 31, 2022. REUTERS/Maxim Shemetov

LONDON, April 22 (Reuters) – Britain will permit payments to Gazprombank and its subsidiaries for gas going to European Union nations until the tip of May, a Treasury doc confirmed on Friday.

Britain imposed sanctions on Gazprombank final month, giving counterparts a deadline of April 23 to wind down their enterprise with the lender, which is likely one of the primary channels for payments for Russian oil and gas.

Under a brand new licence revealed late on Thursday, nevertheless, Britain’s Treasury stated payments to Gazprombank for gas being made accessible within the EU beneath contracts entered into earlier than April 21 may now proceed until May 31.

Russian gas accounts for about 40% of EU imports. Brussels has not formally mentioned ending Russian gas imports as a part of its measures towards Moscow over the Ukraine battle given the bloc’s reliance on them.

“It seems to be a back-track by the UK government,” stated Ana Stanic, an vitality lawyer at E&A Law.

Britain stated the brief length of the brand new Gazprombank licence mirrored its want to assist a clean transition away from Russian gas and that its sanctions licences have been saved beneath fixed assessment.

The prime minister’s workplace and the Foreign Office didn’t reply to requests for remark.

Every week after Britain imposed the sanctions, Russian President Vladimir Putin issued a decree that deliveries of Russian gas from April should be paid in roubles and settled with Gazprombank, the place payments in euros or {dollars} can be transformed into the Russian forex. learn extra

“With many major Gazprom gas contract holders situated or operating in the UK, the sanctioning of Gazprombank was a real concern,” James Huckstepp, supervisor of gas analytics at S&P Global Platts, stated in a tweet, including that the brand new licence had briefly eased these worries.

EU WORK AROUND?

The EU has not sanctioned Gazprombank or Russian gas and the European Commission stated in an advisory doc revealed on Thursday that Moscow’s rouble proposal doesn’t essentially stop a fee course of that might adjust to EU sanctions. learn extra

Russian vitality large Gazprom (GAZP.MM) is continuous to provide pure gas to Europe through Ukraine in keeping with requests from European shoppers, in accordance to the gas producer.

Gazprom declined to touch upon the brand new UK licence.

Many large vitality firms have buying and selling subsidiaries in Britain and entities like this seemingly handle the contracts with Gazprom, stated Tom Marzec-Manser, head of Gas Analytics at ICIS.

Kremlin spokesman Dmitry Peskov stated on Friday that there had been no adjustments to Russia’s timetable for making overseas corporations pay for gas in roubles following Britain’s new Gazprombank licence.

Peskov stated all of the timings for the payments have been set out in Putin’s presidential decree on the finish of March, and settlements must be carried out in keeping with that order.

On Monday, Peskov stated there was nonetheless time for “unfriendly” nations to change to payments for gas in roubles that fall due in May.

Reporting by William James, Muvija M and Nora Buli in Oslo; Editing by Tomasz Janowski and David Clarke

Our Standards: The Thomson Reuters Trust Principles.

I’ve tried to give every kind of reports to all of you latest news today 2022 by way of this web site and you’re going to like all this information very a lot as a result of all of the information we all the time give on this information is all the time there. It is on trending subject and regardless of the newest information was

it was all the time our effort to attain you that you just hold getting the most recent information and also you all the time hold getting the knowledge of reports by way of us for free and in addition inform you folks. Give that no matter data associated to different sorts of information shall be

made accessible to all of you so that you’re all the time linked with the information, keep forward within the matter and hold getting today news all sorts of information for free until immediately so as to get the information by getting it. Always take two steps ahead