Austria pays for gas in rubles, according to the media

Updated: Jul 14

Energy company OMV complied with the terms of the new payment scheme, TASS reports

The latest payment for Russian gas made by the Austrian oil and gas company OMV under the new ruble settlement method was successful, according to TASS on Wednesday.

"We made our payment in May using the new payment option. There were no issues, and the OMV representative was reported as saying by the news source.

For gas shipments to "unfriendly" nations that have imposed several restrictions on Russia, Moscow introduced new payment terms in March. Purchasers must fulfill the requirements by opening two accounts at Gazprombank, one in rubles and the other in a foreign currency. The buyer can fund their foreign currency account with the currency of their choice. The foreign money is automatically converted into rubles by the Russian bank, which then transfers the ruble funds to the account for payment to Gazprom.

As a result of their refusal to comply, some EU nations, including the Netherlands, Poland, and Finland, as well as several businesses in Denmark and Germany, have had their gas supply shut off. Others, including Germany's RWE, Uniper, and Hungary's MVM, concurred and made payments under the revised plan. OMV previously stated that the payment procedure does not go against the law.

OMV CEO Alfred Stern stated in April that the EU would not be able to temporarily replace Russian gas exports. The Federation of Austrian Industries issued a warning last month, stating that 300,000 jobs in Austria would be at risk if Russian gas flows were to cease.

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