European energy providers open Russian rouble accounts for gas, challenging bloc’s united front against Moscow. | Fin24
As Poles and Bulgarians worry their cookers and heaters will run dry, the rest of Europe is scrambling to respond after Vladimir Putin’s latest chess move over the Ukraine conflict – cutting off the gas supply to his major customers.
While challenging the European Union’s efforts to maintain a united front against Moscow, energy companies can stay technically compliant with the sanctions under a loophole that allows them to pay Gazprombank in euros, which the bank would convert into roubles in a separate account. The Western-led sanctions regime against Russia has crippled the country’s economy and depleted its foreign exchange reserves, prompting Moscow to use its main export to fill the coffers of the war effort with funds from its enemies.
The European Commission last week announced the creation of a regional task force in Sofia that will now scout for other energy sources before the Bulgarian winter hits, while Polish Prime Minister Mateusz Morawiecki promised to wean his country off Russian gas, after accusing Moscow of “putting a pistol to our heads”.
Lindstaedt said Bulgaria had more nostalgia for the Cold War than many of the former eastern bloc states.
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