European Commission Does Not Rule Out Possibility of Paying for Gas in Rubles

Representatives of the European Commission have announced that European companies will be able to meet Russian President Vladimir Putin's demand to pay for gas in rubles without violating sanctions, according to Reuters, as reported by News.ru.

The agency clarified that Western companies will resort to this tactic by making payments in euros and dollars, which are then converted into the Russian national currency.

Companies must also seek additional conditions for transactions, for example, stating that they will consider their contractual obligations fulfilled only after deposits in non-Russian currencies, the report stated.

Earlier, the UK's Office of Financial Sanctions Implementation (OFSI) allowed payments for Russian gas supplies through Gazprombank and its subsidiaries for contracts signed prior to April 21 to May 31.