Gas Ruble Settlement Mechanism Enters Into Force Four European Buyers Have Bought Russian Gas in Rubles

Russian Presidential Press Secretary Sergei Peskov said on Tuesday (April 26) local time that the mechanism of gas trade settlement in rubles by the countries concerned has come into force and Gazprom is implementing the presidential decree on "payment in rubles" to implement the new payment mechanism, Russia Today TV reported on its website. Peskov added that the payment of gas under the new mechanism is expected to start in May. Previously, Russia suspended gas supplies to Poland and Bulgaria after the two countries refused to pay in rubles.

Bloomberg reported Wednesday that a source close to Russian gas ties revealed that four European gas buyers have already made payments in rubles for the next settlement cycle as required by Russia, and that ten European companies have opened ruble accounts with Russian banks to meet the payment requirements.

According to Russia Today, Austrian Chancellor Nechammer said that Austria and Austria's OMV have accepted the terms of payment for Russian gas in rubles. However, the official Austrian news has not been released yet.