The EU directives state that sanctions against Russia are not a deterrent to this. As a result, gas reference prices decreased for a second day, as payment dates approach.
The traders were looking forward to the updated instructions, as most payment deadlines expire by the end of the month. Russia had asked the companies to accept one new transaction method which would include the opening two accounts at Gazprombank, one in euros or dollars and another in rubles.
Italian Eni SpA will open accounts in rubles and euros at the Russian bank by Wednesday, so that it can make payments on time this month and avoid any risks to gas supplies, according to sources familiar with the matter. .
In its updated recommendations, the European Commission also said that companies should make a clear statement that they consider their obligations fulfilled as soon as they pay in euros or dollars. The block could also impose ceiling gas prices if Russia significantly reduces or curtails shipments, according to a draft energy market intervention measures held by Bloomberg.
Higher-than-normal temperatures add to the downward trend in prices, while stronger wind power generation expected in Germany next week reduces the need for natural gas to generate electricity. In addition, ships carrying them continue to arrive liquefied natural gas, providing the continent with alternatives to supplies from Russia, while storage levels are improving.
Germany said Monday that its gas supply remained stable, although Russian fuel shipments through Ukraine were expected to be lower, based on orders. Last week, flow to Europe via the route was curtailed as a key cross-border entry point was closed due to troop activity on the ground.