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EU Tells Gas Companies Not to Bend to Russia’s Demand for Rubles

  • Germany says risk of supply halt must be taken seriously
  • Eni is taking steps to open ruble accounts as a precaution
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European Commission President Ursula von der Leyen says the move by Russia to halt gas delivery to certain European Union member states is a form of blackmail. “The era of Russian fossil fuel in Europe is coming to an end,” she added.Source: Bloomberg
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European Commission President Ursula von der Leyen warned companies not to bend to Russia’s demands to pay for gas in rubles, as the continent scrambles for a united response to Moscow’s weaponization of its energy resources.

Gazprom PJSC turned off the taps to Poland and Bulgaria on Wednesday in a dramatic escalation, making good on a threat to cut supplies if payments aren’t made in rubles. Attention now turns to how big consumers Germany and Italy respond, with German Economy Minister Robert Habeck warning that the risk of more cutoffs must be taken seriously.