Natural gas prices in Europe rose as buyers try to unravel mixed signals from Brussels about how they can keep paying for Russian supplies just days before bills come due. Benchmark futures reversed direction to rise as much as 3.9%. The European Union has issued two sets of guidance on the issue, both of which leave room for interpretation while the European Commission’s spokesman on Tuesday said opening an account in rubles — as demanded by Moscow — would go beyond the EU’s recommendations. For now, some companies including Italy’s Eni SpA and Germany’s Uniper SE have said they expect to keep buying from Russia. The payments are coming due later this month, and failure to comply with the new mechanism risks a cutoff. Supplies to Poland and Bulgaria have already been halted […]

Posted in: EU