Italy’s energy group Eni SpA is reportedly preparing to settle gas purchases for May in a way that could involve converting euro payments into rubles, according to Bloomberg sources. The reports suggest this approach is tied to ongoing negotiations with Gazprom, with officials indicating that using rubles in these transactions would not breach European Union sanctions because the Russian central bank would not be directly involved in the settlement process.
Sources indicate that Eni has not yet opened a ruble-denominated account. However, the company is carrying out legal preparations to establish one if it becomes necessary to facilitate such payments in the future. This step appears to be part of a broader assessment of how European energy buyers might respond to Russia’s payment proposals without triggering sanctions issues.
In late April, Francesco Gattei, the chief financial officer of Eni, stated that the company had not opened a ruble account to pay for Russian gas. The remark underscored the early stage of any potential transition and the cautious stance being taken by the company as it evaluates legal and regulatory implications in the current energy market context.
Meanwhile, Hungarian Foreign Minister Peter Szijjártó commented on the broader European picture, noting that some European gas importers have accepted Moscow’s payment plan while others have remained wary. He described a scenario in which a European buyer could instruct Gazprombank to convert euro payments into rubles and then direct the funds into a ruble account from which Gazpromexport has already secured payments. The minister emphasized that not all companies are equally transparent about their arrangements, highlighting the ongoing debate over how best to manage payments amid sanctions constraints and market uncertainty.
Analysts highlight that any shift toward ruble-based settlement would reflect a strategic response to gas trade dynamics and currency risk, rather than a simple payments reformat. The situation illustrates how Western energy buyers are balancing contract terms, sanctions exposure, and the practicalities of cross-border settlements in a market where currency and geopolitical considerations intersect. Observers note that even as dialogue between European buyers and Gazprom persists, practical execution would require careful navigation of both regulatory compliance and banking infrastructure across multiple jurisdictions. The broader question for the EU remains how to ensure reliable gas supply while maintaining stable financial and legal safeguards for enterprises operating under tight sanctions regimes. (Bloomberg)