European Union flags fly outside the European Commission headquarters in Brussels, Belgium, April 10, 2019. REUTERS/Yves Herman/File Photo
Moscow threatened to cut off Europe unless companies fulfilled their contracts.
The European Commission advised companies that Moscow's proposed workaround to complete gas payments may not violate sanctions enacted due to the invasion of Ukraine.
"EU companies can ask their Russian counterparts to fulfill their contractual obligations in the same manner as before the adoption of the decree, i.e. by depositing the due amount in euros or dollars," said a document distributed by the European Commission on Thursday.
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Update #1: EU Says Pay for Russian Gas in Euros to Avoid Breaching Sanctions -- Reuters
Update #2: EU admits rouble payments for Putin's gas might not breach sanctions -- The Telegraph
WNU Editor: So much for Russian sanctions. The EU is accepting the Kremlin's proposal to work with the Russian gas company Gazprombank that will permit companies to deposit foreign currency in one account while Gazprom would complete the transactions in rubles.
This is a major reversal for the EU, but the EU had no choice. A cut-off in Russian natural gas over non-payment would turn into an economic disaster within a very short period of time.
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