In today's announcement, the Italian oil company EMI informs that it has temporarily opened bank accounts in euros and rubles in Gazprom Bank.
The Italian energy giant states in its press release that “as the deadlines for the payment of gas supplies are scheduled for the next few days, Eni has started the process of opening two (type) K accounts with Gazprom Bank, on a precautionary basis ( one in euros and the other in rubles) “stressing that” this follows the unilateral request of Gazprom Export to amend the existing contracts between the parties in accordance with the new gas payment procedure established by the Russian Federation “.
< p>The press release notes that “while Eni has rejected these amendments, the Company is going to temporarily open the two accounts subject to its contractual rights, which still provide for payment in euros. This explicit condition will be included in the payment process. “
The company emphasizes that the decision was” notified to the Italian (competent) bodies “and that Gazprom Export to explicitly confirm that any potential risk or cost arising from this new payment process will be shared with Gazprom Export. “
The press release also states that “as of today, Gazprom Export and the competent Russian Federal Authorities have confirmed that:
(i) pricing and payment will continue to be made in euros (recent invoices were actually made (ii) that an agent of the clearing point (working) on the Moscow Stock Exchange will make the conversion into rubles within 48 hours without any involvement of the Central Bank of Russia , and
(iii) in case of delays or technical inability to complete the conversion on time, there will be no effect on the commissions “.
According to EMI” making payments in this way will not face European regulation aimed at preventing the application of the procedure described above “.
The press release also underlines that “Eni, as requested by the European Commission, has made it clear from the outset with Gazprom Export that payment obligations will be deemed to have been fulfilled by Eni upon the transfer of euros under the contract, and clear again when the K accounts are opened. ”
The bulletin continues. “The new procedure should be cost-neutral and risk-free, and not incompatible with existing sanctions. The payment obligation can be fulfilled by transferring euros.
Therefore, non-payment by Eni
A) you would expose the Company to the risk of breach of its obligation to comply in good faith with the contractual requests of Gazprom Export imposed by its own Authorities (to which Eni is not subject) and
B) (would mean) a possible supply disruption that would risk violating its sales commitments to customers. “
In the future, EMI continues, “Eni will start an international arbitration under Swedish law (under the current conventions) to resolve the uncertainty about the changes introduced by the new payment process and the proper distribution of costs and risks.”
