Eni starts opening Gazprombank accounts to pay for gas in Rubles

Eni, the Italian energy company, said on Tuesday that it began a process for opening accounts in Gazprombank to pay in rubles for Russian gas.

In a statement, Eni said that "As deadlines for the payment of gas supplies are scheduled for the next few days, Eni ("the Company") has begun the process of opening two K current accounts at Gazprom Bank, on a precautionary basis (one in euros and the second in rubles). This follows Gazprom Export’s unilateral request to amend the existing contracts between the parties in accordance with the new gas payment procedure established by the Russian Federation."

The company added that it took the decision in "compliance with the current international sanctions framework."

Russia had notified the West that it needed them to pay for gas deliveries in rubles, with Kremlin spokesperson Dmitry Peskov saying his country would not deliver gas to Europe for free, in a reiteration of President Vladimir Putin's that Russia would not accept anything but rubles for gas deliveries to "unfriendly countries."