Putin approved new ruble payment scheme March 31 EC warns of legal implications of new mechanism EC sent new guidance to member states April 21 The European Commission believes it could be possible for European buyers of Russian gas to pay according to the terms of Moscow’s new decree on ruble conversion without breaching EU law.
Russian President Vladimir Putin signed the decree March 31 requiring EU buyers to pay in rubles for Russian gas via a new currency conversion mechanism or risk having supplies suspended. In a guidance document sent to member states on April 21, the EC said it “appears possible” to pay for Russian gas after the adoption of the new decree without being in conflict with EU law. “EU companies can ask their Russian counterparts to fulfil their contractual obligations […]