TFIGlobal
TFIGlobal
TFIPOST English
TFIPOST हिन्दी
No Result
View All Result
  • Indo-Pacific
  • Americas
  • Canada
  • Indian Subcontinent
  • West Asia
  • Europe
  • Africa
  • The Caribbean
TFIGlobal
  • Indo-Pacific
  • Americas
  • Canada
  • Indian Subcontinent
  • West Asia
  • Europe
  • Africa
  • The Caribbean
No Result
View All Result
TFIGlobal
TFIGlobal
No Result
View All Result
  • Indo-Pacific
  • Americas
  • Canada
  • Indian Subcontinent
  • West Asia
  • Europe
  • Africa
  • The Caribbean

European Union comes up with a clever plan (to bypass its own sanctions on Russia)

Vikrant Thardak by Vikrant Thardak
May 15, 2022
in Europe, Geopolitics, Global Issues, Russia
European Union comes up with a clever plan (to bypass its own sanctions on Russia)
Share on FacebookShare on X

The agenda of an EU meeting that ‘secretly’ took place on Friday was to find ways to “effectively satisfy” Putin’s demands. What demands, you may ask. Putin wants all gas importers in Europe to pay in rubles.

At first, Putin’s demands seemed “impractical” to the EU. Now, they are finally relenting! The EU meeting was held to find a solution to this problem so that EU importers can continue importing Russian gas without inviting sanctions.

Also Read

Russia vs USA again: Putin condemns Israel’s strikes on Iran as Trump hails attack

Russia sharply rebukes Israel’s strikes on Iran, calls them a violation of the UN charter

Putin: After shooting down over 80k aerial targets Russia now creating a new drone force

Companies to open ruble account in Gazprom bank?

After this meeting, the EU commission told European governments that the gas companies could now open an account with Gazprom Bank. The account can be opened in dollars and euros. However, the guidance didn’t mention whether opening the account in rubles was prohibited or not, leaving a window of opportunity for European gas importers to exploit this gap.

Economist on ruble payment: Gazprombank as an "extended arm" - Globe Echo
Gazprombank (Source: Globeecho)

Countries left divided over the proposal

Frankly speaking, the EU has split down the middle over the issue. Some are confused, and some are totally uninterested in the embargo plans altogether! Italian Prime Minister Mario Draghi said earlier this week that European companies will be able to pay for gas in rubles without breaching sanctions. Poland said that it lacks legal clarity over the matter. Others were confused by the lack of specific guidance on opening accounts in rubles. On the other hand, Germany looked excited and claimed that gas importers were thrilled at the new guidelines.

EU softens the stance

You see, slowly and steadily, the European Union has now begun slashing its sanctions on Moscow. Earlier, Switzerland had decided to unfreeze some Russian assets worth 3.4 billion Swiss Franc. Erwin Bollinger, head of the Bilateral Economic Relations Division at the State Secretariat for Economic Affairs had then said that “Switzerland could not simply freeze funds if it did not have sufficient grounds.”

Switzerland Moves to Freeze Russia's Assets | PYMNTS.com
Russia and Switzerland (Source: PYMNTS.com)

Politico reported that the EU is also considering dropping plans to impose an oil embargo on Moscow. For nations like Hungary and Slovakia, Russian oil is vital to keep their economies up and running. So, Hungary this week decided to veto the EU’s proposal to ban Russian oil even after reassurances from the European Union about steady supplies.

Ukrainian shenanigans irk EU

Apart from the realization that EU can’t survive without Russian energy, Ukraine’s nauseating shenanigans are also forcing EU to water down its resistance against Russia. What Ukrainian shenanigans are we talking about? Mind the fact that the Ukrainian government earlier this week partially blocked Europe’s access to Russian gas supplies. Ukraine on Tuesday said that it would suspend operations of the Novopskov compressor station that delivers around a third of gas piped from Russia to Europe via Ukraine.

Read More: Miffed at EU’s cold response, now Ukraine stops Russian gas supplies to Europe

This was a huge setback for the European gas industry because Ukraine’s assistance is pivotal for its overall energy security. The Ukraine gas transit system in the Luhansk region accounts for the supply of around 32.6 million cubic meters of Russian gas every day to Europe. If the Novopskov compressor station in the Luhansk region of eastern Ukraine remains inoperative for a longer period, then we could see yet another phase of the fuel price spike in the European Continent.

It’s because of such moves by Ukraine that distrust between the EU and Kyiv is now growing rapidly. And this is music to Russia’s ears.

ALSO WATCH:

Tags: European UnionGazprom BankGermanyrubleRussiaSwitzerlandUkraine
ShareTweetSend
Vikrant Thardak

Vikrant Thardak

I see truth

Also Read

Pentagon Pizza Theory Resurfaces After Israel-Iran Conflict: Can Pizza Predict War?

Pentagon Pizza Theory Resurfaces After Israel-Iran Conflict: Can Pizza Predict War?

June 20, 2025
A Warning from the Past: Why the World Can’t Afford a Nuclear Iran

A Warning from the Past: Why the World Can’t Afford a Nuclear Iran?

June 20, 2025
Russia warns of Chernobyl like disaster if west continues striking Iran

Russia warns of Chernobyl like disaster if west continues striking Iran

June 20, 2025
"Iran Shifts Nuclear Materials, Warns of Escalation — U.S. and Israel Prepare Response"

Iran Moves Nuclear Assets, claims 15-Day Bomb Capability — Is U.S.-Israel Response Imminent?

June 20, 2025
Trump approves strikes on Iran? Bombers to swoop in?

Trump approves strikes on Iran? Bombers to swoop in?

June 20, 2025
Pakistan Army Chief in USA, meets with Trump, Iran on the radar?

Pakistan Army Chief in USA, meets with Trump, Iran on the radar?

June 20, 2025
Youtube Twitter Facebook
TFIGlobalTFIGlobal
Right Arm. Round the World. FAST.
  • About Us
  • Contact Us
  • TFIPOST – English
  • TFIPOST हिन्दी
  • Careers
  • Brand Partnerships
  • Terms of use
  • Privacy Policy

©2025 - TFI MEDIA PRIVATE LIMITED

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Indo-Pacific
  • Americas
  • Canada
  • Indian Subcontinent
  • West Asia
  • Europe
  • Africa
  • The Caribbean
TFIPOST English
TFIPOST हिन्दी

©2025 - TFI MEDIA PRIVATE LIMITED

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. View our Privacy and Cookie Policy.