Russian gas dependent, Europe refuses to pay rubles, at the risk of a shutdown of deliveries.
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Europe holds its breath, will the Kremlin cut the supply of gas after the deadline set as of March 31 by the Russian head of state, Vladimir Putin, to pay the precious fuel in rubles ? Several countries of the European Union (EU) already anticipate serious shortages. Wednesday, March 30, Austria and Germany triggered their emergency plan. For Vienna, the idea is to “guarantee a quick reaction” in case of shutdown of deliveries, according to the Chancellor, Karl NEHAMMER. In Berlin, the first emergency plan to activate the country provides for the establishment of a crisis cell. Around the table: Members of the Ministry of the German Economy, representatives of the regulatory authority, transport network managers, as well as the private sector, in order to coordinate supplies and reserves.
In the immediate future, however, Europe’s first economy has not seen any refueling problems, it is specifies to the German government. But the dependence of the old continent with Russian deliveries worried: about 40% of its gas consumption comes from Russian fields, a percentage that rises to 55% for Germany.
If Europe hopes to free the Russian hydrocarbons by 2027, it brings, for the time being, a considerable annuity to Russia. Since February 24, the EU has already paid at least € 14 billion for gas and 7 billion for Russian oil, depending on the count of a reflection circle, the Center for Research on Energy and Clean Air, at March 31.
What about the payment currency?
Where the importance of the next question, and the extent of the current blur: Will importer societies, as they wish, continue the payment of their ongoing contracts in euros or dollars? Or will they now be forced to pay in Russian currency, as Mr. Putin demands? The mandatory ruble payment would apply to a list of forty-eight countries, including those of the EU. Forty-eight countries considered by the Kremlin as hostile, that is to say, opposed to the Russian war in Ukraine.
This counter-sanction would respond to the Gel of Russian assets in Europe, the United States or the United Kingdom. But his application, aimed at supporting the ruble, remains blurry. After announcing the principle on March 23, Vladimir Putin commissioned the Russian central bank and the Gazprom Energetician to study the modalities of such a measure. The report was to be made Thursday, March 31st.
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