OMV Plans Ruble Accounts For Russia’s Ruble Only Gas Trade

OMV (OMVV.VI) is one of the top importers of Russian gas. The last Thursday, some resources have reported that OMV is now preparing to create ruble accounts at Gazprombank in Switzerland.

On Wednesday, Russian energy giant Gazprom (GAZP.MM) informed Poland and Bulgaria that it would cut off gas supplies if they did not comply with Moscow’s demand for ruble payment. Russia is Trying to deepen a confrontation with Western countries opposed to Russia’s invasion of Ukraine; mainly using the country’s dependency on Russian oil and gas. On Wednesday, Austria’s government replied that Russian natural gas exports to the nation remained unfettered. There was no sign that this would change, even though it was trying to find alternate sources.

On October 21, 2015, the emblem of Austrian oil and gas firm OMV was on an oil tank at the refinery in Schwechat, Austria, in the Heinz-Peter Bader branch.

Energy Crisis Continues

According to the reports, Eni, another of Gazprom’s major clients, is weighing its alternatives now. As the publication has mentioned, the Italian government-backed corporation has until the end of May to decide when its next payment for Russian supplies is due.

An OMV representative said earlier that the business was working on a sanctions-compliant solution; declined to say if this included utilizing accounts. Eni denied the request for any further comments on this matter. Uniper (UN01.DE) is a German power provider. This company would shift payments for Russian gas to a Russian bank rather than a European bank, the daily Rheinische Post the news the last Thursday.