Chaos around Russian gas! The situation changes every hour … Experts rate: Marketing move and a lot of screams for nothing – Topky.sk

Russian President Vladimir Putin does not seem so clear in his decisions. According to spokesman Dmitry Peskov, the Kremlin first said that the process of changing the ruble payment would be gradual, later Putin had told German chancellor Olaf Scholz that they could continue to pay in euros for Russian gas and signed a decree the day after. Peskov said this afternoon that Russia would not stop the gas. What about the experts? VIDEO Eduard Heger at the EU summit on joint gas purchases We are not a charity, you will pay in rubles, Putin said On Wednesday, March 30, it looked like European countries would not have to pay for gas in rubles, but the situation changed unexpectedly yesterday. Putin said he had signed a decree requiring foreign customers to pay for Russian gas supplies in rubles from April 1. If payments are not made, the contracts will be stopped. No payments, no gas, returned to the rhetoric. Photo gallery (4) Source: SITA / AP / Mikhail Klimentyev, Sputnik, Kremlin Pool “If they want to buy Russian gas, they will have to open accounts in Russian banks in rubles. From these accounts, payments for gas supplies will be made from tomorrow, Putin said in a televised speech. “If the payments are not made, we will consider it a non-payment, which will have consequences. No one will provide us with anything for free and we will not intend to do charity either. This means that the current contracts will be stopped,” he added. Russia will not stop gas According to the decree, foreign customers of Russian gas must open ruble accounts in the state-controlled Gazprombank from Friday, which will allow the conversion of their foreign currency payments into rubles. Analysts believe that the plan, which puts Gazprom at the center of trade, is more about protecting it from future sanctions than about stopping gas supplies to Europe. He also warned Putin against the West not to further tighten sanctions against Russia for his invasion of Ukraine. On Friday afternoon, Peskov announced that Russia would not stop gas supplies. Payments in rubles, which Moscow demands for gas, will affect the settlement only from the second half of April and in May, and that Gazprom will work with customers on their implementation, according to Reuters, a Kremlin spokesman said. “Does this mean that if the payment in rubles is not confirmed, we will stop gas supplies from 1 April? No, it does not and it does not follow from the decree,” Peskov told reporters. According to Peskov, Russia may at some point withdraw from the requirement to pay in rubles if the situation changes, but “in the current situation, rubles are the best and most reliable option for us.” Asked about media reports that Germany was considering the possibility of nationalizing some of Gazprom’s German divisions, Peskov said it would be a serious violation of international law. Basically, nothing changes, it’s just a marketing move. According to INESS analyst Martin Vlachynsky, however, Russia’s official demand has changed at least three times in the last week, so it’s currently difficult to say what that actually means. “The current version is that a lot doesn’t really change, because importers send euros to a special account in one Russian bank and it turns them into rubles in another bank, which is more or less just a ‘marketing’ operation. But tomorrow it may be again otherwise, “Vlachynský told Topka. Photo gallery (4) Source: TASR / Fabian Strauch / dpa A lot of shouting for nothing, the West will need two accounts According to J&T bank analyst Stanislav Pánis, it seems that in the end it’s just a storm in a glass of water, or a lot of shouting for nothing. “Basically, nothing will change, only a small technical adjustment will be made to finalize the trade settlement. Western importers will have to set up two accounts at Gazprombank – the euro (dollar), where they will send euros (dollars) as before under the original contracts, and a special “where the bank will exchange these euros and then send them to Gazprom. The exchange rate risk will be borne by the Russian side, as gas prices will continue to be set in euros according to the original contracts,” explains Pánis. “In principle, it turns out that the wolf and the sheep remain whole and neither side will lose face. The West will be able to claim that it has not given in to Putin and will continue to send payments under contracts in euros / dollars and the Kremlin will pretend to humiliate and force the West pay him in rubles, “he said, adding that from an economic point of view, nothing would change. “This is due to the fact that legislation was passed in Russia a few weeks ago requiring exporters to turn 80 percent of foreign sales into rubles,” he said. Russia wants to show political power Finlord analyst Boris Tomčiak also agrees that the situation does not change for Slovakia and the EU. “Russia has left the option to pay in euros by sending the euro to Gazprombank’s account, where it will be exchanged for rubles and automatically passed on. Rather, it is an attempt by Russia to show political power to its own voters, and it is also an effort to avoid problem if additional foreign exchange reserves were frozen abroad, “he explained. Chaos around Russian gas! The situation changes every hour … Experts rate: Marketing move and a lot of shouting for nothing AUTHOR: © Seznam / Adriána Majerčínová SOURCE: TASR VIDEO: Topky / Vlado Anjel, TASR / Jaroslav Novák Report an error