The battle for gas .. “the ruble” wins, and the evidence is “54 foreign companies”

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Russian Deputy Prime Minister said Alexander NovakThursday, about half of the customers "Gazprom" Of foreign companies opened accounts in rubles to make payments.

explained that "54 companies associated with contracts with Gazprom Export have agreed to open accounts in rubles"adding that "According to the numbers, about half of our gas customers have opened special accounts in hard currencies in preparation for converting them to foreign currencies. ruble".

Last month, Russian President Vladimir Putin shocked European governments and markets by demanding that gas be paid in rubles through a complex mechanism that involved setting up two linked bank accounts to handle the foreign exchange transaction.

Prompted by some gas buyers meeting Moscow’s demand to pay in the Russian currency, the ruble rose on Thursday against the dollar and rebounded toward a five-year high against the euro.

The ruble has become the best performing currency this year despite a severe economic crisis, with it being artificially bolstered by restrictions Russia imposed in late February to protect its financial sector after it sent tens of thousands of soldiers to Ukraine.

Despite the warning of the European Union Commission that Russia’s mechanism for imposing the ruble constitutes a circumvention of sanctions, stressing the necessity of dispensing with Russian oil, some countries of the bloc rushed to maintain their supplies of Russian gas by opening accounts in rubles.

The Italian oil giant announced "Eni"On Tuesday, he opened an account in euros and another in rubles with "Gazprom Bank".

German Economy Minister Robert Habeck also stressed that Germany cannot now impose a ban on natural gas supplies from Russia, because that would create "Economic problems, including high prices and disruption of trade chains".

As a result, the European Union intends to invest 300 billion euros to dispense with Russian fossil fuels, to end dependence on Russian oil and gas.

European Commission President Ursula von der Leyen said, on Wednesday, that the European Union intends to mobilize investments amounting to 300 billion euros by 2030, to end its dependence on Russian oil and gas, according to"Archyde.com".

German economist Achim Troeger warned of the repercussions of the Russian gas embargo on his country’s economy, and said that imposing such a ban would lead to a deep recession and collapse of the German economy.

He pointed out that stopping Russian gas supplies could lead to the loss of 500,000 jobs in Germany, and would also plunge the country into a spiral of inflation, according to TV. "you’re in" German.

Last week, Ukraine said it would suspend the flow of gas passing through its territory through a transit point that transports nearly a third of the fuel transported from Russia to Europe, and blamed Moscow for the move, saying it would move the flows elsewhere.

Ukraine remains a major transit route for Russian gas to Europe, even after the Russian attack on its territory.

But "Gazprom"which monopolizes Russian gas exports through pipelines, said that "impossible technology" Convert all sizes to a Sudja connection point, further to the west, as suggested by "jutsu" Ukrainian.

Russian energy security expert Vladimir Igor says: "The ruble’s decision has economic goals, including increasing the demand for the Russian currency, and it also has a symbolic meaning that comes in the context of Russia’s attempt to break the dominance of the dollar and the euro.".

Expected pending "Sky News Arabia"that "The ruble move was made to remind the Europeans of their degree of dependence on Russian resources, especially gas, because they persist in imposing sanctions and at the same time claim their readiness to give up Russian gas.".

And about the Ukrainian decision confirms that "It may cause a new gas crisis at the European level"adding: "Perhaps a crisis akin to what happened in 2006 and 2009, in the so-called first and second gas wars, which endangered fuel supplies to the European Union.".

The European continent depends on Russian gas supplies for more than 40 percent of its energy needs.

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Russian Deputy Prime Minister said Alexander NovakOn Thursday, about half of Gazprom’s customers of foreign companies opened accounts in rubles to make payments.

He explained that “54 companies associated with contracts with Gazprom Export have agreed to open accounts In rubles, he added, “According to the figures, about half of our gas customers have opened special accounts in hard currencies in preparation for converting them to foreign currencies. ruble“.

Last month, Russian President Vladimir Putin shocked European governments and markets by demanding that gas be paid in rubles through a complex mechanism that involved setting up two linked bank accounts to handle the foreign exchange transaction.

Prompted by some gas buyers meeting Moscow’s demand to pay in the Russian currency, the ruble rose on Thursday against the dollar and rebounded toward a five-year high against the euro.

The ruble has become the best performing currency this year despite a severe economic crisis, with it being artificially bolstered by restrictions Russia imposed in late February to protect its financial sector after it sent tens of thousands of soldiers to Ukraine.

Despite the warning of the European Union Commission that Russia’s mechanism for imposing the ruble constitutes a circumvention of sanctions, stressing the necessity of dispensing with Russian oil, some countries of the bloc rushed to maintain their supplies of Russian gas by opening accounts in rubles.

On Tuesday, the Italian oil giant Eni announced the opening of an account in euros and rubles with “Gazprom Bank”.

German Economy Minister Robert Habeck also stressed that Germany cannot now impose a ban on natural gas supplies from Russia, because that would create “economic problems, including high prices and disruption of trade chains.”

As a result, the European Union intends to invest 300 billion euros to dispense with Russian fossil fuels, to end dependence on Russian oil and gas.

European Commission President Ursula von der Leyen said on Wednesday that the European Union intends to mobilize investments of up to 300 billion euros by 2030 to end its dependence on Russian oil and gas, according to “Archyde.com”.

German economist Achim Troeger warned of the repercussions of the Russian gas embargo on his country’s economy, and said that imposing such a ban would lead to a deep recession and collapse of the German economy.

He pointed out that stopping Russian gas supplies could lead to the loss of 500,000 jobs in Germany, and would also plunge the country into a spiral of inflation, according to German NTV television.

Last week, Ukraine said it would suspend the flow of gas passing through its territory through a transit point that carries nearly a third of the fuel transported from Russia to Europe, and blamed Moscow for the move, saying it would move the flows elsewhere.

Ukraine remains a major transit route for Russian gas to Europe, even after the Russian attack on its territory.

But Gazprom, which has a monopoly on Russian gas exports via pipelines, said it was “technologically impossible” to divert all volumes to the Sudga connection point, further to the west, as Ukraine’s Jitso suggested.

“The ruble’s decision has economic objectives, including increasing the demand for the Russian currency, and it has a symbolic meaning that comes in the context of Russia’s attempt to break the dominance of the dollar and the euro,” said Vladimir Igor, a Russian economist in the field of energy security.

He added to “Sky News Arabia”, that “the ruble’s move was made to remind the Europeans of their degree of dependence on Russian resources, especially gas, because they persist in imposing sanctions and at the same time claim their readiness to give up Russian gas.”

Regarding the Ukrainian decision, he asserts that “it may cause a new gas crisis at the European level,” adding: “Maybe a crisis similar to what happened in 2006 and 2009, in what is known as the first and second gas wars, endangered fuel supplies to the European Union, may await us.”

The European continent depends on Russian gas supplies for more than 40 percent of its energy needs.

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