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Engie will pay for Russian gas in euros in May — company’s CEO

According to the company's report, Engie has taken all necessary steps to be ready to make its payments for Russian gas supplies, on condition that it observes the EU sanctions

MOSCOW, May 17. /TASS/. France’s Engie will pay for Russian gas in euros in May in compliance with the recommendation of the European Commission, which meets the requirements of Gazprom and the EU sanctions, Engie’s CEO Catherine MacGregor told a call with investors on Tuesday.

"We have today line of sight for a solution that will allow us to pay using the currency for the contract, which seems to be acceptable for Gazprom and which is in compliance with the EU sanctions at least to our understanding," MacGregor said.

She specified that the currency of the contract is the euro and the company will make the next payment for Russian gas by the end of May.

On May 16, Bloomberg reported citing a representative of the European Union that the European Commission has extended a new regulation, according to which European importers will be able to continue to pay for Russian gas without violation of the sanctions imposed on Moscow.

According to the updated recommendation of the EC, European companies should clearly state that they consider their contractual obligations fulfilled after they pay in euros or dollars, without waiting for their conversion into rubles.

Engie said in its report that it has taken all necessary steps to be ready to make its payments for Russian gas supplies, on condition that it observes the EU sanctions. In its forecasts for 2022, the French company also assumes that gas supplies from Russia will not be interrupted.

On March 31, Russian President Vladimir Putin signed a decree that lays out a new procedure for paying for gas supplies by buyers from unfriendly countries. From April 1, such states must transfer funds in foreign currencies to Gazprombank, which will buy rubles on exchanges and transfer them to special ruble accounts of importers.

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