“85% of our gas supply comes from Russia, and 65% of our oil supply comes from Russia. Why? Because this is determined by the infrastructure. It’s not for fun, I didn’t choose this situation, “Peter Szijjarto told CNN.
He also said that there are no alternative sources or routes that would allow them to stop importing energy from Russia in the next few years.
Under Russia’s payment scheme, energy importers were forced to open two bank accounts with Gazprombank – a foreign currency account and a ruble account. Revenue from sales is paid in foreign currency (dollars or euros), which is then converted by Gazprombank into a ruble account.
It seems that several other countries are using that scheme. A document released by the European Commission last week said it “seems possible” to comply with Moscow’s new rules without conflicting with EU law.
Sanctions experts say Russia’s payment system allows Moscow to gain access to energy revenues, regardless of sanctions imposed on foreign currencies.
According to CNN, the whole process is extremely vague from a legal point of view, and the scheme also gives Putin a political advantage, forcing companies to join his scheme and pay for energy from Russia in rubles.
If you like this article, we look forward to joining the community of readers on our Facebook page, with a Like below: