DUESSELDORF, May 9 (Reuters) – Germany’s VNG (VNG.UL) will transfer euro funds for Russian gas to Gazprombank (GZPRI.MM) sooner or later and expects no issues throughout a conversion to roubles, it mentioned on Monday, assembly Moscow’s key calls for below a contemporary payment scheme.
VNG’s first detailed feedback on the matter come as European consumers of Russian gas have to navigate a brand new algorithm Moscow has imposed to pay for its most treasured commodity, most notably a requirement to pay in roubles through an elaborate scheme.
European gas consumers are involved that adopting the brand new measures, below which they’ve to open accounts at Gazprombank for future funds, might breach sanctions legislation and that rejecting them might set off main gas provide disruptions.
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VNG, which is majority-owned by German regional utility EnBW (EBKG.DE), mentioned it was taking all obligatory measures, in keeping with current sanctions legislation, to proceed to guarantee provide and subsequently financial stability in Germany.
“We will pay the invoice amount, which will continue to be denominated in euros, into the accounts at Gazprombank in accordance with the planned procedure, so that timely payment to our supplier is ensured on our part,” VNG mentioned in an emailed assertion.
“We also assume that the conversion into roubles will not cause any difficulties. At least the opening of the account went completely smoothly.”
The firm didn’t reply to written follow-up questions asking to make clear whether or not it had opened two accounts with Gazprombank, one for euro funds and one for the rouble conversion.
Along with Uniper (UN01.DE) and RWE (RWEG.DE), VNG is considered one of Germany’s prime importers of Russian gas.
EnBW has mentioned that 20% of the 495 terawatt hours of gas it procured final 12 months got here through direct agreements with Russian suppliers, including these volumes would lower from 2023 onward.
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Reporting by Tom Kaeckenhoff and Christoph Steitz in Duesseldorf
Editing by Matthew Lewis
Our Standards: The Thomson Reuters Trust Principles.
EXCLUSIVE German gas importer VNG to transfer euros to Russia for payment & More Latest News Update
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