Eni, the two accounts to guarantee gas supplies
Eni will continue to pay for Russian gas in euros, as per contract. With the expiry of the May invoice approaching, around the 20th, and after Gazprom bank closed the current accounts in which the buyers have so far paid for supplies, Eni has started as a precautionary procedure the temporary opening of two accounts – denominated K – one in euros and one in rubles, as indicated by Gazprom Export, on the basis of “a unilateral claim to modify existing contracts”, the Italian group recalls, and according to the procedure established by the Russian federation. The payment will be made to the account in euros, a modality that “currently does not find any European regulatory provision providing for prohibitions”. And for the Italian energy giant, the contract is therefore respected.
Within 48 hours of crediting and without the involvement of the Russian Central Bank, a special “clearing agent operating at the Moscow Stock Exchange” will convert into rubles and in the event of technical delays or inability to complete the transaction “there will be no impact on supplies “, explains Eni. Eni’s decision, shared with the Italian institutions, was taken “in compliance with the current international sanctioning framework and in the context of an ongoing discussion with Gazprom Export” which will affect “any cost or risk connected to the different executive methods of payments “. In the absence of clear and well-founded answers from Gazprom Export to resolve the doubts regarding the contractual changes required by the new payment procedure, Eni will initiate international arbitration on the basis of Swedish law (as required by the existing contracts).
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