European Union energy ministers will meet in an emergency meeting on Monday to try to come up with a united response to Moscow’s demand that European buyers pay for Russian gas in roubles or risk having their supply cut off.
Last week, Russia cut off gas supplies to Bulgaria and Poland after they failed to comply with its demand that they pay in roubles.
These countries had already intended to stop using Russian gas this year and claim they will be able to manage, but it has sparked fears that other EU countries, especially Germany, Europe’s gas-dependent economic powerhouse, could follow suit.
It has also threatened to splinter the EU’s united front against Russia, citing differences of opinion on the best course of action.
With many European companies facing gas payment deadlines later this month, EU nations must quickly determine whether companies can continue to buy the fuel without violating EU sanctions imposed in response to Russia’s invasion of Ukraine.
Foreign gas buyers must deposit euros or dollars in an account with Gazprombank, a privately held Russian bank, which will convert them to roubles.
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