Squire Patton Boggs partners Michelle Bock, Max Rockall, Stephen Anway and George von Mehren consider the options available to European importers of Russian gas in the wake of President Putin’s decree that supplies should be paid for in Russian roubles.
In recent weeks, Russia has demanded that certain buyers of natural gas pay in roubles. On 27 April 2022, Russia announced that it had cut off gas flows to two EU member states, Poland and Bulgaria, which refused to comply with this demand. Where does that leave the remaining EU member states and what are the next steps if and when Russia cuts off gas supply?
This article explores the critically important currency payment issue and considers the possible next steps available for buyers.