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Sunday, September 25, 2022

Russia says sanctions will not affect gas payments from Europe, bringing down gas prices

EconomyRussia says sanctions will not affect gas payments from Europe, bringing down gas prices

Europe (The Times Groupe)- The price of natural gas per megawatt-hour in Europe decreased by 4.3% on Tuesday amid reports that Russia told European buyers that they could pay for gas without violating sanctions.

The price per megawatt-hour in Europe fell to €89.75 ($94.83) at 09.38 local time (0638 GMT) on Tuesday from €93.78 ($99.09) at Monday’s close on the Netherlands-based virtual natural gas trading point (TTF).

The news that European countries could continue to pay Russia for gas without violating sanctions contributed to the decline in prices.

For the transfer of funds in euros or dollars, two accounts have to be opened with Gazprombank, the authorized bank. Gazprombank will sell the foreign currency at the Moscow Exchange MICEX-RTS and will transfer the ruble proceeds to the buyer’s ruble-denominated special account.

Gazprombank will then transfer the ruble funds from the buyer’s account to Gazprom’s account in the bank.

Gazprom halted gas deliveries to Poland for non-compliance with ruble payments.

Natural gas prices are being relieved due to the reliance on more liquefied natural gas as an alternative and warmer weather in the spring and coming summer months.

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