Hungary will pay in rubles for Russian gas, as there is no other alternative

Siyoto stated that there were no alternative sources or routes that would allow Hungary to suspend imports of Russian energy resources for the next few years.

The payment scheme introduced by Moscow stipulates that Western countries will have to open ruble accounts with the Russian bank Gazprombank. In turn, the bank will sell foreign currency received from gas buyers on the Moscow Stock Exchange for rubles, which will be credited to these accounts, and gas will be charged for these accounts.

Sanctions experts point out that Russia’s payment system allows Moscow access to energy revenues regardless of the foreign exchange sanctions imposed on Russia.

Meanwhile, the President of the European Commission (EC) Urzula von der Leiena on Wednesday repeatedly warned the European Union (EU) importers that paying for Russian gas in rubles would be a violation of the sanctions regime, unless the agreement specifies rubles as the method of payment.

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