December 2, 2022

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Russia - Denmark, Holland.  Natural gas, decree of Vladimir Putin - Orsted and GasTerra will not pay for gas in rubles, and Gazprom may suspend gas supplies to Denmark and the Netherlands

Russia – Denmark, Holland. Natural gas, decree of Vladimir Putin – Orsted and GasTerra will not pay for gas in rubles, and Gazprom may suspend gas supplies to Denmark and the Netherlands

Gazprom Export has announced that it will suspend gas supplies to the Dutch company GasTerra on Tuesday, Reuters reported. The reason is not to pay for gas in rubles. Earlier on Monday, Danish energy company Orsted warned that for the same reason the Russian giant may suspend gas supplies to the country.

decree Russian President Vladimir PutinWhich entered into force at the beginning of April of this year, provides for payments for Russian gas supplies in rubles. Reuters noted that the change exposed cracks in the collective response European Union on the Russian invasion.

GasTerra 50 percent. Owned by entities owned by the Dutch government. Plus 25 percent. The shares are in the hands of Shell and Exxon. The Dutch company signed a contract with Gazprom to supply two billion cubic meters of gas by the end of September this year. During its delivery, it contracted to supply raw materials from another company.

GasTerra informed in a statement that it has not decided to adapt to the new propulsion system, which it has demanded Russia. The company stated that such actions may violate EU sanctions and that this method of payment has very high financial and operational risks.

“We understand Jäster’s decision not to agree to Gazprom’s unilateral payment terms,” ​​Dutch Energy Minister Rob Getten wrote on Twitter. He stressed that “this decision will not have consequences for the material supply of gas to Dutch families.”

suspension of gas supply to Holland Gazprom Export confirmed Monday afternoon in a statement carried by Reuters. The company said it would suspend gas supplies to the Dutch company from Tuesday, May 31. Gazprom said the gas supply suspension will remain in place until the payments are settled according to the plan proposed by Russia.

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Gazprom has stopped gas supplies to Denmark

The risk of interruption of gas supplies from Russia also applies Denmark. “Gazprom Export continues to demand payment for gas supplies from Ørsted in rubles,” Ørsted said in a statement on Monday. “We do not have a legal obligation under the contract to do this and GazpromExport has told us many times that we will not,” company representatives said. Payment deadline is May 31.

According to Ørsted, “there is a risk that Gazprom Export will stop supplying gas.” According to the company, if that happened, “it would be a breach of contract.”

Under the agreements to date, most European companies have paid for gas in euros to Gazprombank in Luxembourg. Meanwhile, the decree stipulates, inter alia, the following: the obligation of buyers of Russian gas to create foreign and ruble accounts with Gazprombank and make payments in a two-step scheme: first converting receivables in currency, then converting funds into rubles. According to the document, the payment is not restricted until the receipt is credited to the ruble account.

Gas pipelines from Russia to European countriesPAP / Maciej Zieliński

Poland, Bulgaria and Finland refused Russia’s demands, as a result, gas supplies to these countries were suspended.

Reuters noted that there is no direct gas pipeline from Russia to Denmark, which means that Moscow will not be able to suspend supplies directly to this country.

emergency plan

According to the assurances of the Danish Energy Agency, any possible suspension of the transfer of gas to Orsted will not have any direct consequences. The agency stipulated that it have a contingency plan in the event of a gas shortage.

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Orsted noted that he would be able to buy gas from the European market. “We have prepared for such a scenario to reduce the risks to Ørsted’s clients, which are mainly large companies in Denmark and Sweden,” the statement said.

Gazprom did not respond to a Reuters request for comment.

Energy company Orsted previously reported that the contract with Gazprom is responsible for the vast majority of gas consumption in Denmark. The company signed a contract with the Russian concern for the supply of gas until 2030.

Main image source: Environmental Protection Agency / Anatoly Maltsev