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Thursday, September 29, 2022

Russia does not expect to cut gas to more European customers

Russia does not expect to cut gas to more European customers
© Reuters. FILE PHOTO: A 3D printed natural gas pipeline is placed in front of displayed Gazprom logo in this illustration taken February 8, 2022. REUTERS/Dado Ruvic/Illustration

(Reuters) -Russia said on Thursday it did not expect Gazprom (MCX:GAZP) to cut gas supplies to any more European customers and said its scheme to make buyers pay for gas in roubles was working as planned.

Gazprom has cut supplies to Denmark’s Orsted (OTC:DOGEF) and to Shell (LON:RDSa) Energy for its contract to supply gas to Germany, as well as to Dutch gas trader GasTerra along with Bulgaria, Poland and Finland for refusing to make payments for Russian gas in roubles under the new rouble scheme.

Gas payments under the new scheme, set up in response to Western sanctions, were due in April and May.

Kremlin spokesman Dmitry Peskov said everyone who was to be cut off from supplies was now not receiving Russian gas.

“The system is functioning … and whose who receive the gas are working under the new system,” Peskov told his daily conference call with reporters.

Asked whether new gas cuts should be expected, he said: “No.”

Companies from Germany, Italy and France have said they would engage with Moscow’s payment scheme to ensure they can maintain supplies, as Europe plans to gradually cut its dependence from Russia in the next couple of years.

Source: Investing.com

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