Hungary for gas: Orban ready to pay in roubles
Hungary is prepared to pay in roubles for Russian gas, confirmed Prime Minister Viktor Orban.
The country has broken ranks with its Western allies, which have presented a united front against the Kremlin’s demand for rouble transactions.
Russian President Vladimir Putin has warned Europe it risks having gas supplies cut unless it pays in roubles.
The measure, which was signed into law last week, is considered to be a retaliatory move following Western sanctions.
It is also considered a way of sanction-proofing Gazprombank and boosting the value of the rouble.
Overseas buyers will now be required to open accounts at Gazprombank, which will convert payments from euros or dollars into roubles – before signing off on the transaction.
With weeks go to before bills are due, the European Commission has said contracts requiring payment in euros or dollars should stick.
The EU is also set to push through a ban on coal imports from Russia – a bold move considering half its imports come from the country.
It relies on Russia for around 40 per cent of its natural gas and around a third of its crude oil imports.