• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Business News Diaspora

Russian energy company says EU can buy gas without breach of sanctions

Ubah Jeremiah Ifeanyi by Ubah Jeremiah Ifeanyi
May 8, 2022
in Diaspora
Russian energy company says EU can buy gas without breach of sanctions

Nigeria to earn less forex as natural gas prices fall in January 2023 - Expert

Share on FacebookShare on TwitterShare on Linkedin

Gazprom PJSC, a Russian state-owned energy company, has written to its European customers to reassure them that they can continue to pay for gas without breaching sanctions.

This comes after European Commission proposed a total ban on Russian oil imports to the European Union. The EU’s planned ban on Russian oil comes after Russia fought back against Western sanctions by demanding oil payment in rubles.

Gazprom told clients in a letter seen by Bloomberg that a fresh order issued by the Kremlin on May 4 “clarifies the procedure” outlined in the initial decree on ruble payments.

RelatedStories

EU allocates €510 million for humanitarian aid in Nigeria, other Sub-Saharan African nations 

EU launches €300,000 grant to strengthen Eurocham Nigeria 

January 31, 2025
citizenship, Germany

Germany’s new relaxed citizenship reforms for non-EU citizens, others, takes effect on June 27

June 25, 2024

What you should know

  • Poland and Bulgaria were first to be cut off for refusing to engage with the new terms, but several European companies continue to look for workarounds, seeking guidance from the European Commission on what is allowed.
  • It’s unclear whether the revised directive will satisfy the European Union’s concerns, which have stated that opening a ruble account and engaging with the central bank would violate sanctions.
  • According to the new legislation, foreign cash received from buyers must be converted to rubles through accounts at Russia’s National Clearing Center.
  • The measure, according to Gazprom, ensures transparency of financial flows from foreign buyers and eliminates the prospect of any “third party” being engaged in settlements. The sanctioned central bank appears to be excluded from the procedure as written.
  • Nairametrics reported that despite  European Commission’s proposed oil ban, the Russian ruble has shown extraordinary resilience, rising over 10% against the dollar and euro within a week. The Russian ruble soared to a two-year high against the dollar and the euro today. Despite decreasing interest rates twice in a short period, the ruble has maintained its upward momentum.

What is the dispute?

Russia has requested that businesses open two accounts, one in euros and the other in rubles.

The EU has said this gives too much power to Moscow and breaches sanctions on the central bank. The EU suggests companies pay in euros and seek confirmation from the Russian side that the transaction ends there.

The EU recommends that companies continue to pay for Russian gas in euros.

Russia’s central bank released its clarification of Putin’s original decree in late April.

The Bank of Russia stated that if international gas buyers paid in good faith into their foreign-currency accounts, the gas would not be switched off even if Gazprombank failed to transfer the payments into ruble, as long as the delay was not caused by sanctions.


Follow us for Breaking News and Market Intelligence.
Tags: EUGazprom PJSC
Ubah Jeremiah Ifeanyi

Ubah Jeremiah Ifeanyi

For further inquiries about this article, contact: Email: Ifeanyi.ubah@nairametrics.com Twitter: @ubahjc Linkedln: Jeremiah Ubah

Related Posts

EU allocates €510 million for humanitarian aid in Nigeria, other Sub-Saharan African nations 
Business News

EU launches €300,000 grant to strengthen Eurocham Nigeria 

January 31, 2025
citizenship, Germany
Business News

Germany’s new relaxed citizenship reforms for non-EU citizens, others, takes effect on June 27

June 25, 2024
East Africa records more trade within Africa than with the EU, Asia, and the US
Business News

East Africa records more trade within Africa than with the EU, Asia, and the US

May 13, 2024
Jutta Urpilainen,,EU
Business News

Africa requires human capital investment to nurture next generation of leaders – EU

May 8, 2024
UN raises over $600 million in aid for Ethiopia
Business

UN raises over $600 million in aid for Ethiopia

April 17, 2024
Kenya’s Second-Hand Cloth Dealers Kick Against Proposed Ban by the EU
Business

Kenya’s second-hand cloth dealers kick against proposed ban by the EU

March 26, 2024
Next Post
FG issues security alert ahead of October 1, Independence Day celebration

FG outlines actions taken to boost and attract more funding to the movie industry

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • Trump courts African mineral-rich nations, snubs Nigeria and South Africa in strategic White House summit 
  • Senate passes 2025 Electricity Act Amendment Bill for second reading to address sector collapse 
  • NECO releases 2025 BECE results, fixes July 23–24 for re-sit exams nationwide 

Follow us on social media:

Recent News

Trump halts tariff hikes on most trade partners, raises China duties to 125% 

Trump courts African mineral-rich nations, snubs Nigeria and South Africa in strategic White House summit 

July 9, 2025
Sterling Bank CEO advocates for AI dev’t to maintain global competitiveness

Senate passes 2025 Electricity Act Amendment Bill for second reading to address sector collapse 

July 9, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics