UK allows payments to Gazprombank for EU gas imports

LONDONApr 22 – Britain will allow payments to Gazprombank and its subsidiaries for gas going to EU countries until the end of May, UK Treasury documents showed on Friday.

Britain imposed sanctions on Gazprombank last month, giving counterparties until April 23 to finalize their deals with the lender, which is one of the main payment channels for Russian oil and gas.

However, under a new license issued late Thursday, the UK Treasury said payments to Gazprombank for gas available in the EU under contracts concluded before April 21 could continue until May 31.

Russian gas accounts for about 40% of EU imports. Brussels has not officially discussed stopping Russian gas imports as part of its action against Moscow over the Ukraine conflict, given the bloc’s dependence on them.

“It seems like a refusal from the UK government,” said Ana Stanic, an energy attorney at EA Law.

The UK Treasury did not respond to a request for comment. The prime minister’s office and foreign ministry also did not respond to requests for comment.

A week after Britain imposed sanctions, Russian President Vladimir Putin decided that Russian gas shipments from April should be paid for in rubles and settled at Gazprombank, where payments in euros or dollars would be converted into Russian currency.

Roderick Gilbert

"Entrepreneur. Internet fanatic. Certified zombie scholar. Friendly troublemaker. Bacon expert."

Leave a Reply

Your email address will not be published.