GREAT CRASH AVERTED? EU guidelines suggest way to let firms pay for Russian gas in rubles

Companies could pay in euros or dollars through a Gazprombank account, Brussels finally agrees

EU companies may be able to work around Russia’s demand to receive gas payments in rubles without breaching sanctions, if they pay in euros or dollars which are then converted into the Russian currency, the European Commission (EC) said on Friday, according to Reuters.

In an advisory document sent to member states on Thursday, the Commission reportedly said that Moscow’s gas-for-rubles proposal does not necessarily prevent a payment process that would comply with EU sanctions against Russia.

The document said there were options that could allow companies to continue lawfully paying for gas. “EU companies can ask their Russian counterparts to fulfil their contractual obligations in the same manner as before the adoption of the decree, i.e. by depositing the due amount in euros or dollars.”

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EU rejected Moscow’s ruble-for-gas demand on 29th March.. but now agrees it ‘could be okay’

The bloc’s refusal followed a similar announcement by G7 countries. EU member states “won’t pay for Russian gas in rubles”, the European Commission said on Tuesday March 29th, rejecting Moscow’s March 31 deadline for switching payment mechanisms. The announcement came a day after a similar response from the G7 nations. Russia allowed time to consider the matter, and finally it seems companies will be allowed to indirectly pay in rubles, giving a boost to the Russian currency and a blow to the dollar hegemony which allows it to ‘just print trillions’..

Read moreRussia explains gas for rubles switch

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The procedure for securing exemptions from the requirements of the decree is not yet clear, the European Commission’s new guidelines added.

The plan is identical to what the Russian government had suggested earlier this month.

Brussels also said that, ‘before making payments, EU operators could make a clear statement that they consider their contractual obligations to be completed when they deposit euros or dollars with Gazprombank – as opposed to later, after the payment is converted into rubles’.

This document would get around the EU prohibition against paying in Rubles.

In true dictatorial fashion, ‘worse than Putin’, the European Commission has decided we can ‘comply with EU sanctions against Russia’ by not complying.

By proposing acceptance of the workaround by which payments are made to a bank in Russia which then changes the currency to Rubles the EU can save its economy from a gas cutoff,

Also Russia would be safe from the money being ‘frozen’ by sanctions in ‘western’ banks, as already happened to 300 billion dollars of their money which has been ‘illegally stolen’ by the USA.

According to the new guidelines, the sanctions regime does not prohibit companies from opening accounts with Gazprombank, in Russia, not an EU branch, or from engaging with the bank to attempt to seek a solution.

However it remains to be seen what immense pressure and threats the US will put on the EU to revoke this permission… will they now sanction the EU for not sanctioning Russia enough?

Author: thefreeonline

The Free is a book and a blog. Download free E/book ...”the most detailed fictional treatment of the movement from a world recognizably like our own to an anarchist society that I have read...

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