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Eni to Open Euro, Ruble Accounts With Russia’s Gazprombank

ENI SpA headquarters in Rome.

ENI SpA headquarters in Rome.

Photographer: Alessia Pierdomenico/Bloomberg

Italy’s Eni SpA will open accounts in both rubles and euros with Russia’s Gazprombank, as the energy giant accedes to demands from Moscow that gas payments be made in the Russian currency. 

The decision, made to assure that payments could be made in time to avoid disruption of gas supplies, comes as the European Union has avoided putting extensive new guidance into writing in its standoff with the Kremlin over gas supplies, following Russian President Vladimir Putin’s insistence that gas be paid for in rubles.