Gazprom refuses payments in Euros from German firm

3 May 2022

Russia’s Gazprom bank has for the first time refused to accept a payment in euros from a German gas trader. Trading company and former Gazprom subsidiary Gazprom Marketing & Trading, which was placed under German trusteeship in March after Gazprom pulled out, tried to pay for gas deliveries in April and May by using a roubles account but the payment was not accepted, according to a report in the German newspaper Der Tagesspiegel. The federal economy and climate ministry confirmed the rejection and told news magazine Der Spiegel that there are ‘ambiguities in the processing of the payments’. The ministry stated that the payments concerned only marginal gas quantities of about 0.2 % of the Russian import volumes to Europe which would be replaced by purchases on the market and did not endanger supply security in Germany, adding that payments are not to be made in roubles, but in euros, as contractually agreed.

Refusing the payments constitutes a further escalation in the Russian-European energy conflict. It follows shortly after Russia's announcement to end gas supplies to Poland and Bulgaria. The German government has said that it is ready to impose an embargo on Russian oil imports.

Linkedin Linkedin   
Privacy Policy
We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.