Indicator - Economy - Do not supply Gazprom Shell and Ørsted with more gas

Indicator – Economy – Do not supply Gazprom Shell and Ørsted with more gas

From June 1, Russia’s Gazprom will cut gas supplies to Danish Orsted and Shell Energy Europe Limited after the two companies said they would not pay rubles for Russian gas, the Guardian wrote.

It was Russia before stop it gas supply to Poland, BulgariaFinland and the Netherlands, also due to the unsuitable payment method for them.

Gazprom said Shell Energy Europe Ltd. told it it would not pay rubles for gas delivered to Germany. He added that the contract was to transport up to 1.2 billion cubic meters of gas annually.

Gazprom said Shell and Ørsted did not pay for gas supplies until May 31, so they would stop supplying until they paid in line with Russian demands.

Don’t jeopardize Danish gas supplies

Ørsted said Monday that Gazprom’s exports may cut off gas supplies, but such a move would not immediately jeopardize Danish gas supplies.

“Gazprom Export” continues to demand that “Austrid” pay in rubles for gas transportation. We have no legal obligation to do so under the Agreement, and we have repeatedly indicated to Gazprom Export that we will not. Payment deadline is May 31, still needs to be paid in EUR

The company said earlier.

Shell does not agree to the terms

“Shell has not agreed to the new payment terms for Gazprom,” a Shell spokesman said on Tuesday. CNN BusinessNick. They added that they will continue to meet the needs of European customers.

Henning Gloystein, director of energy at Eurasia Group, said the recent shutdown does not mean a “significant revenue loss” for Gazprom, as Shell’s exports to Germany accounted for less than 1% of total exports to Russia.

In contrast, European energy companies, which rely more on Russian supplies, have largely turned to Gazprom’s new payment mechanism to protect their operations.

The expert added.

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No appeal since April 1

Russian President Vladimir Putin Announced March 31: signed a decree that they can pay for gas only in rubles. This means that Western countries “unfriendly” to Russia will have to open ruble accounts in Russian banks to pay for gas. Payment in rubles is valid from April 1.

Nobody is selling us anything, nor will we be charitable. That is, the existing contracts are terminated if the gas is not paid in rubles

The Russian president said at the time.

Hungary pays, but does not violate sanctions

previously Peter Szijjártó The Minister of Foreign Affairs and Trade said how Hungary would pay in this situation so as not to violate EU sanctions. According to him, on the basis of the contractual relationship between the MVM of CEEnergy and the company Gazpromexport of Gazprom, and technical negotiations in recent days, it is possible to pay for the delivered natural gas in the manner determined by the supplier without violating the Brussels sanctions. .

According to him, in practice, it seems that the state will create two accounts with Gazprombank, one in euros and one in rubles. The Hungarian government pays the bank in euros, and the bank converts the euros into rubles, which are transferred to Gazprom Export.

(Cover photo: A coolant tube carrying cryogenic gas at the oil, gas and condensate field at Gazprom PJSC Chayandinskoye on October 21, 2021. Photo: Andrey Rudakov/Bloomberg/Getty Images)

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