November 28, 2022

Hardwood Paroxysm

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Gas and the European Union freeze the United States on the Russian embargo. Eni opens K accounts.

On energy diversification plans from flies – which will be presented today with the maximum package “RePowerEU” – compatible, but with regard to sanctions against Russia, Europe and United State They do not speak the same language. Yesterday (on her own account) US Treasury Secretary Janet Yellen noted that, speaking at the Brussels Economic Forum, she noted that on the energy front, “Europe is facing a particularly difficult situation.” This is why Washington has welcomed the proposal of “EU leaders to phase out all Russian supplies within six months”, followed by an offer to increase US LNG exports to Europe to help “break Russia’s energy dependence.”

Gas and Eni open accounts in rubles and euros in Gazprom Bank

criticality

Read, reading the drastic halt, hasty at best – if not a complete misstep – given that the twenty-seven have yet to decide any total halt to flows from Moscow, nor a timing to strike methane imports. The Russian oil embargo has been on hold for two weeks since the end of the year, with Hungary remaining a staunch opposition. The European Parliament is the only European institution that has requested, in a non-binding resolution, a comprehensive and immediate ban on all supplies: gas, oil, coal and nuclear fuel.
In the evening, to freeze Yellen’s sprint, the words of High Representative Josep Borrell arrived, disarmed by the thick black smoke on the oil in recent days: the Spaniard dismissed the American ace’s comments as “incorrect interpretations. A complete interruption of energy supplies from Russia is not a decision we would be prepared to take, and we cannot afford it.” However, after the slide, European and US energy talks will indeed resume today, at the Group of Seven Finance Ministers scheduled to be held in Bonn, the third and final leg of Yellen’s tour yesterday, after a face-to-face encounter with Commission Chairperson Ursula. von der Leyen, once again, insisted on the stars and stripes’ proposal to put a cap on the price of crude oil in place of (or alongside) the ban that Brussels is working on.
Washington especially fears that, if any drastic halt to oil imports is approved, it would cause an earthquake in global markets and help fuel black gold prices. For this reason, it pressures its allies to evaluate an alternative solution, such as a set price or charging fees. Speaking of “energy suicide by the West”, Vladimir Putin said yesterday that he is convinced that “as a result of actions against Russia, the prices of petroleum products are rising at an astonishing rate.”

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If oil is on the horizon (the Hungarian Prime Minister Viktor Orban has requested at least €770 million to support the national industry before the veto threat is removed), on gas, especially in terms of payment methods – the day Eni also decided “as a precautionary measure.” The start of the procedure for opening a double current account (in euros and rubles) at Gazprombank – confusion reigns. “The balance in euros or dollars yes, opening the account in rubles no”: a Commission spokesperson clarified yesterday that the observance of the two-account system – one in the euro and the other in the Russian currency – is a violation. Penalties. However, there is a not so clear indication in the two documents – one from mid-April, the other from last Friday – that they contain Europe’s orientations after the Kremlin decree. The EU executive circulated the updated version to the member states and importing companies, inviting the transaction to be carried out in euros or dollars in accordance with the contract, attached to it an acknowledgment that the payment is considered exhausted at the time of payment of the contract value. Consideration and before currency conversion: an ambiguous text that displeased supporters of the hard line against Moscow, such as Poland. “Each member state must impose sanctions, as well as monitor company compliance – continued the Berlamont Building spokesperson. In the event of a breach, the commission can open infringement proceedings against the state. However, this process usually lasts several years: in short, failure to respond, While other importers like Eni too, from Germans from Uniper to Austrians in OMV, open the account in rubles to avoid closing the taps. As happened a month ago in Poland and Bulgaria, after they refused to open a K account, and as it may soon also happen to Finland, which clarified yesterday that it She does not intend to comply with the dictates of the Kremlin.

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