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5/20, 9:49 AM (Source: TeleTrader)
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Paying for gas in rubles is breach of contract - Timmermans

European Commission First Vice President Frans Timmermans said on Friday that the European companies purchasing Russian gas should not make payments in rubles.

In an interview statement to the ERR, the vice-president emphasized that the switch to the Russian ruble is just a trick of the Russian President Vladimir Putin. According to Timmermans, the Russian president is using foreign currency to keep his central bank alive, which is not allowed as the gas payments under sanctions must be processed in euros, as per their contract.

Russian Deputy Prime Minister Alexander Novak announced on Thursday that about 20 Russian gas importers opened bank accounts for payments in Russian rubles. Earlier this month, Czech Ministry of Industry and Trade head Josef Sikela stated that Prague refuses to make payments for the Russian gas in rubles.

Baha Breaking News (BBN) / TB