Eni Opens Accounts at Gazprom Bank, Says It Will Continue to Pay for Russian Gas in Euros

   By Cristina Roca 
 

ENI SpA said Tuesday that it has temporarily opened two accounts, one in euros and one in rubles, at Gazprom Bank.

The Italian energy company said it has done this as a precaution, given that payments of Russian gas will be due in the next few days.

This is "without prejudice to its contractual rights, which still envisage payment in euros," it said.

As of Tuesday, Gazprom Export and Russian authorities have confirmed that invoicing and payment will still happen in euros, Eni said. A clearing point agent in Moscow will then convert this into rubles within 48 hours, it said.

"Making payments in this way would not face at the moment any European regulation aimed at preventing the implementation of the process outlined above," Eni said.

Eni said that it will consider its payment obligations satisfied upon the transfer of the amount in euros.

By not paying, Eni would risk violating its contract with Gazprom Export, as well as a potential supply disruption, which could threaten its sales commitments to customers, it said.

Write to Cristina Roca at [e-mail]

(END) Dow Jones Newswires

May 17, 2022 10:22 ET (14:22 GMT)

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