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Italy’s Eni to Open Ruble Account as EU Eases Stance on Gas

  • Company to start procedure as soon as this week to pay for gas
  • EU is set to issue guidelines this week for companies
Vladimir Putin
Vladimir PutinPhotographer: Alexei Druzhinin/AFP/Getty Images

Italian energy giant Eni SpA is poised to comply with Russian demands and open a bank account in rubles, after the European Union softened its stance in a standoff with the Kremlin over crucial gas supplies.

According to people familiar with the situation, Eni will move to open accounts in rubles and euros with Gazprombank by Wednesday so that it can make payments on time this month and avoid any risks to gas supplies.