Gazprom has announced that it is leaving Germany.
Specifically, according to a relevant announcement, the company left its branch in the country.
The Russian energy giant announced on Friday that it is ceasing its activities in Germanyfollowing disagreements between Germany and Russia over Moscow ‘s insistence on receiving payments for Russian gas in rubles in euros.
In any case, it was not yet clear how much this move would affect the supply of Russian gas, on which Germany depends. for about 40% of its needs.
According to the Russian state-owned company, it no longer owns both Gazprom Germania and all the units it controls, including London-based Gazprom Marketing & Trading, as well as companies in Switzerland and the Czech Republic.
It is not yet known who owns their property.
Gazprom’s move away from the German market comes at a time when energy relations between Europe and Russia are crucial to the aftermath of the invasion of Ukraine.
It is worth noting, however, that Gazprom has long been targeted by European authorities., as there are suspicions that its strategy played a role in the escalation of the energy crisis. In particular, the authorities accuse the company of holding gas reserves, which it could release to the European market.
In fact, earlier this week it was leaked to the press that the European authorities raided Gazprom’s officeslooking for evidence.
It is recalled that Putin had asked the state gas company Gazprom, the central bank and the government to give instructions for the implementation of the new policy from today, Thursday. The G7 major economies have rejected Russia’s demand for a currency change.
In talks with German Chancellor Olaf Solz on Wednesday, Putin said European companies could continue to pay in euros or dollars with money paid to Gazprom Bank being transferred in rubles to Russia, Deutsche Welle reported.
According to the same information, Solz did not agree to this procedure, but asked for instructions in writing to better understand the proposal. Since then, further contacts between the two sides at the level of financial advisers appear to have taken place.
Mario Draghi said that from his communication with Putin he understood that the conversion of dollars and euros into rubles will take place internally in Russia. “Existing contracts are still valid and European companies will continue to pay in euros and dollars,” Putin told him, Draghi added.
According to Reuters, the proposed plan envisages that Gazprom Bank will play the role of intermediary for buyers’ transactions with Gazprom. Payments will be made in the currency provided for in the contract (eg euro), at the official ruble / euro exchange rate given by the central bank of Russia on this day.
The Kremlin claims that the change of currency is necessary due to the fact that European countries have “frozen” the foreign exchange reserves of the Bank of Russia.
However, Kremlin spokesman Dmitry Peshkov has confirmed that Russia will not immediately demand payment in rubles, as this is likely to be a “gradual process”.
According to the latest information, the Kremlin has not made the final decisions, but is considering expanding its plan to pay in rubles and other commodities, such as oil, cereals, fertilizers, coal and metals.
Germany, like the G7, insisted that the gas deals could not be revised unilaterally.
SOURCE: REUTERS- SKAIGR
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