The European Commission sent new guidance to its member states on April 21, admitting that it “appears possible” for European buyers of Russian gas to pay according to the terms of Moscow’s decree on ruble conversion without violating international sanctions.
Many European countries in the Euro bloc are heavily dependent on 40 percent of their energy needs from Russia, especially important economies like Germany.
There is widespread concern in European capitals, that the cut-off of supply of Russian gas will cause a major economic or even a serious political crisis.
On March 31, President Vladimir Putin signed a decree requiring countries sanctioning Russia over the war in Ukraine to purchase its gas in rubles instead of through dollars or Euros, through its new currency conversion system or risk having supplies suspended.
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