MILAN (Reuters) -Italian vitality group Eni will open financial institution accounts this week to pay for Russian fuel after clarification that such a transfer is not going to breach sanctions, two sources stated on Monday.
In up to date steerage on Friday, the European Fee confirmed its earlier recommendation that EU sanctions don’t stop corporations from following Russia’s fee procedures which contain opening an account at a chosen Russian financial institution.
It stated corporations will pay for Russian fuel – as long as they achieve this within the forex agreed of their current contracts and declare the transaction accomplished when that forex is paid.
“The clarified pointers have given a inexperienced mild for Eni,” one of many sources stated.
Final week sources instructed Reuters Eni would start the method of opening an account in roubles this week to pay for Russian fuel except instructed that will breach sanctions.
The up to date steerage has basically supplied Eni assurances nothing opposite is in its manner, the second supply stated.
Earlier on Monday, Germany’s RWE stated it had opened an account in Russia to pay for fuel in euros.
“Eni remains to be finishing up its assessments and for the time being has not began any process to open two accounts,” an Eni spokesman stated.
Eni, considered one of Europe’s greatest importers of Russian fuel, faces a deadline to pay Russia’s state-owned Gazprom round Might 20.
Underneath the brand new Russian fee system, launched in response to sweeping Western sanctions imposed after Moscow invaded Ukraine, patrons are obliged to deposit euros or {dollars} into an account at non-public Russian financial institution Gazprombank.
The financial institution will then convert the money into roubles, place the proceeds in one other account owned by the overseas purchaser and switch the fee in Russian forex to Gazprom.
Italy, which final yr sourced round 40% of its fuel from Russia, is scrambling to search out various provides.
Reporting by Stephen Jewkes, modifying by Angelo Amante and Cynthia Osterman
