EU energy ministers hold emergency talks following Russia’s gas cuts
Global News
Talks were held as the bloc strives for a united response to Moscow's demand that European buyers pay for Russian gas in roubles or face their supply being cut off.
Energy ministers from European Union countries hold emergency talks on Monday, as the bloc strives for a united response to Moscow‘s demand that European buyers pay for Russian gas in roubles or face their supply being cut off.
Russia halted gas supplies to Bulgaria and Poland last week after they refused to meet its demand to effectively pay in roubles.
Those countries already planned to stop using Russian gas this year and say they can cope with the stoppage, but it has raised fears that other EU countries, including Europe’s gas-reliant economic powerhouse Germany, could be next.
It has also threatened to crack the EU’s united front against Russia amid disagreement on the right course of action.
With many European companies facing gas payment deadlines later this month, EU states have a pressing need to clarify whether companies can keep buying the fuel without breaching the EU’s sanctions against Russia over its invasion of Ukraine.
Moscow has said foreign gas buyers must deposit euros or dollars into an account at the privately owned Russian bank Gazprombank, which would convert them into roubles.
The European Commission has told countries that complying with Russia’s scheme could breach EU sanctions, while also suggesting countries could make sanctions-compliant payments if they declare the payment complete once it has been made in euros and before its conversion into roubles.
After Bulgaria, Denmark, Greece, Poland, Slovakia and others last week urged clearer advice, Brussels is drafting extra guidance.
