Nina Chestney

(Reuters). Russia has stated that it won’t supply any gas to Europe without paying for it. The Russian government is working on methods of accepting payment in roubles, but the request was rejected by G7 nations.

On Friday, European Union leaders did not reach a consensus about Russia’s demands that non-friendly countries be paid in roubles for their gas. The demand was made by Russia following the United States’s and European Allies working together to impose a number of sanctions on Russia.

Security of supply concerns were raised after increased demand. EU nations and companies scrambled for information.

Russian central banks, Gazprom and the government of Russia (MCX:), who account for 40% European gas imports should submit their proposals to President Vladimir Putin for rouble gaz payments by March 31.

Dmitry Peskov (Kremlin spokesperson) said on a conference call that the Kremlin is not willing to give gas away for free. “In our circumstances, it is difficult and inappropriate to engage in charity (with European clients).

He said that Russia would take appropriate decisions if European countries refused to pay in Russian currency.

After talks with their counterparts, Robert Habeck, Germany’s economy and climate protection minister, said that energy ministers of the Group of Seven industrialized countries had rejected the demand for rouble payments.

After a conference call with G7 energy ministers, he said that “all G7 ministers agreed this was a unilateral breach of existing contracts”.

Ministers stressed that concluded contracts were valid. Companies should respect them. Payment in Russian rubles is not acceptable. He urged companies to refuse Putin’s request.

ENERGY SECURITIES

EU plans to reduce its dependence on Russian gas by 2/3 this year, and eliminate Russian fossil fuel imports by 2027. Last year, Russian gas exports were approximately 155 billion cubic meters (bcm).

The United States announced Friday that it would supply the European Union with 15 bcm (LNG), liquefied petroleum gas (LNG) this year.

U.S. LPG plants produce at their full potential and analysts claim that the majority of additional U.S. natural gas going to Europe would come from other exports.

Habeck, Germany’s foreign minister, stated that Russia must stop gas delivery.

Russian gas exports to Europe were stable Monday morning on the three main routes, and Yamal Europe pipeline was continuing eastwards to Germany from Poland. Operator data revealed that.

Gazprom of Russia stated that they were continuing to provide natural gas via Ukraine to Europe in accordance with European customers’ requests.