FX.co ★ Russia’s halt of gas supplies unites Europe

The EU countries decided to support supplies of natural gas within the region if Russia suspends gas imports. Earlier, the Russian government took several actions that made the EU countries forget about existing controversies and rallies. Notably, the Union has never been more united. The countries have reached a unanimous agreement on energy which is an important issue for every member state. The European Commission has introduced a joint action plan to be implemented if Russia halts gas supplies. The plan suggests mutual support in the energy sphere. This means that countries with alternative gas imports will share fuel with other states. These actions are aimed to avoid consumption restrictions and supply chain disruptions. The EU is likely to take the new measures as quickly as possible because Russia has already stopped exporting gas to several EU countries. In addition, Gazprom informed its European customers assuring them that they could pay for gas without breaching imposed sanctions. The letter refers to a new decree, according to which payments for Russian gas will be accepted in foreign currency and then converted to rubles through the National Clearing Center accounts.