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German utility Uniper could decide to pay for Russian gas in euros converted to rubles

The company is one of Europe’s biggest importers of Russian gas

German utility Uniper could decide to pay for Russian gas in euros converted to rubles

Düsseldorf, April 28 - Neftegaz.RU. Uniper still hopes to resolve ruble payment issues with Gazprom despite Russia’s decision to stop sending gas to Poland und Bulgaria due to their refusal to pay in the Russian currency.

Uniper confirmed it expected to be able to pay for long-term gas contracts under a scheme proposed by Moscow, which demands that payments should be made in rubles.
Uniper CFO Tiina Tuomela said:
  • Our view is that a payment is still permissible
  • The payment may involve euros converted to rubles
  • The 1st Uniper payment for Russian gas affected by the Russian decree to only accept rubles is due at the end of May
Uniper was working with Gazprom to sort out payment issues without violating the sanctions, Tuomela added.

Uniper has secured around 200 TWh of Russian gas over long-term contracts.
The company's long-term import contracts with Russia play an essential role for gas supply in Europe, especially in Germany, covering over a 3rd of the almost 50 bcm imported from Russia in 2021.

The company´s preliminary unadjusted net income for the Q1 amounts to approximately - €3 billion.
In addition to the aforementioned operating development, the net income is expected to be further impacted by impairment charges of approximately €2 billion, mainly related to the Nord Stream 2 loan and Uniper's Russian subsidiary Unipro.

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