How do european gas companies realize the gas payments to Russian companies ? (Accounting)26 Nisan 2022
How do european gas companies pay the gas payments to Russian companies ?
1-Russian gas companies use the GazPromBank
2- GazPromBank connects its correspondent bank for receiving euro payments from euro area. Its correspondent bank is GBP Bank.
3-GazPromBank created the account in correspondent bank for euro transactions. The following schematization indicates how GazProm opened the account in GPB.
4- Spanish gas company IberDrola buys gas from Russian gas company Lukoil.
5-IberDrola sents the money using spanish bank Santander. Santander sents this money to GPB Bank.
6-GazPromBank sents this money Lukoil deposit account.
7- From IberDrola to Lukoil.
8- This is new mechanism.
9- Russian governments wants to convert these euros directly to Ruble in the russian exchange market.
Lukoil directly can’t use its euro account.
10- Lukoil’s euros are transfered to MICEX companies and this increases ruble value (assumptional)