Germany’s RWE To Follow Kremlin’s Rubles-for-Gas Scheme

Germany’s largest producer of power, the giant RWE utility, has opened an account to pay for Russian gas in euros, Reuters reports, which will then be converted to rubles, following European Union clarifications that essentially allow companies to follow the Kremlin’s gas-for-rubles scheme without violating sanctions.

  By the end of this month, contracts for Russian natural gas will come due for many European companies who have been struggling to determine how to pay for gas in Russian currency without falling afoul of EU sanctions. …