Recent developments show a growing shift in how European buyers handle payments for Russian gas. Bloomberg reports that ten additional European companies opened accounts at Gazprombank specifically to settle gas purchases in rubles. This move is part of a broader pattern where Russian worded demands for ruble-based settlements are being taken seriously by some importers, even as other EU voices push back against the idea. In parallel, the agency notes that fourteen more European firms have requested documents with Gazprombank to establish these payment arrangements, signaling heightened interest in converting to ruble payments among a subset of importers.
Taken together, these steps imply that twenty European companies have already completed the required setup to conduct transactions through Gazprombank for Russian gas. This snapshot comes amid ongoing debates among EU officials about how far to go in embracing ruble-based settlements and what that would mean for energy security in the bloc. Kadri Simson, the European Commissioner for Energy, spoke at a press conference where the European Commission did not endorse Italy’s proposal to grant companies a temporary right to pay in rubles for gas, underscoring EU caution about volatility and compliance risks tied to such a scheme.
In late April, Gazprom halted gas deliveries to Bulgaria and Poland after those countries declined to switch to the ruble-based payment framework. The European Union has accused Moscow of using energy exports as a political tool, a charge that intensifies discussions about diversifying suppliers and routes while managing the risk of potential supply disruptions. Bloomberg’s reporting adds that ten companies opened special accounts at Gazprombank to pay for gas supplies, and four importers accepted the terms offered by Russia, highlighting a split in how European buyers are responding to the proposed change in payment mechanics.
For readers in North America, these events carry implications beyond immediate trade flows. If ruble settlements gain traction among a broader set of importers, energy markets could see shifts in currency risk, settlement timelines, and the overall transparency of payment flows. Observers note that any move toward ruble-based transactions would interact with broader sanctions regimes, financial system compliance, and the logistical realities of cross-border energy trading. While some companies have pursued the new accounts, others remain wary, preferring existing payment rails that offer stability and clearer regulatory footing. The situation continues to evolve as European regulators balance energy security with the legal and financial frameworks that govern international trade.