The European Union is set to offer its gas importers a solution to avoid a breach of sanctions when buying fuel from Russia and still effectively satisfy President Vladimir Putin’s demands over payment in roubles.
In new guidance on gas payments, the European Commission plans to say that companies should make a clear statement that they consider their obligations fulfilled once they pay in euros or dollars, in line with existing contracts, according to Bloomberg sources.
The EU’s executive arm told the governments that the guidance does not prevent companies from opening an account at Gazprombank and will allow them to purchase gas in accordance with EU sanctions following Russia’s invasion of Ukraine, the sources said.
European companies have been scrambling for weeks to figure out how they can meet Moscow’s demand and keep the crucial gas flowing without violating sanctions on Russia’s central bank.
Vladimir Putin said on March 31 that if payments aren’t made in roubles, gas exports would be halted. Europe depends heavily on the Russian fuel to heat homes and power industry.
Initially, the EU had assessed that the payment mechanism demanded by the Russian leader handed Moscow total control of the process, breached contracts and — crucially — violated the bloc’s sanctions.
On Friday, the commission told member states in a closed-door meeting that the updated guidance will clarify that companies can open an account in euros or dollars at Gazprombank as ordered by the Kremlin, according to the people, who asked not to be identified because the meeting was private.
But the EU’s executive arm stopped short of saying whether also having an account in roubles — a step included in the Russian decree — was in line with EU regulations. Previously officials had indicated, though never in writing, that opening such an account would breach sanctions. The updated guidance, as presented to member states, fails to address this specific point, said the sources.
Another key point in the guidance is that once European companies make a payment in euros or dollars and declare their obligation complete, no further action should be required of them from the Russian side in regard to the payment.
The clock is ticking because many firms have payment deadlines falling due later this month — and if they don’t pay, gas flows could be cut off. Poland and Bulgaria already saw their supplies cut after failing to comply with Russia’s requests.
Mr Putin’s demands to pay in roubles have divided EU member states, highlighting the dependence of some nations on Russian imports. Italian Prime Minister Mario Draghi said earlier this week European companies will be able to pay for gas in roubles without breaching sanctions.
At the Friday meeting, government representatives were split too, according to one of the people. While Germany, Hungary, Italy and France broadly endorsed the commission’s plan, Poland said it failed to offer legal clarity and called for the matter to be discussed by EU ambassadors. Others were confused by the lack of specific guidance on opening accounts in roubles.
Germany said at the meeting that it consulted its companies on the proposal and got positive feedback, the person added. It also sought to fine-tune the recommendations by clarifying that EU sanctions don’t prohibit opening multiple accounts at Gazprombank.
The commission declined to comment on the revised guidance.
Individual member states are ultimately responsible for enforcing EU sanctions, but the commission provides legal guidance.
Mr Putin’s decree called for companies to open two accounts with Gazprombank — one in euros and one in roubles — and stipulated that gas payments aren’t settled until euros are converted into roubles.
Russia clarified its decree earlier this month, stating that payments received in foreign currency would be exchanged to roubles via accounts with Russia’s National Clearing Centre, and Gazprom provided buyers with additional assurances that the central bank would not be involved in the conversion process.
UAE currency: the story behind the money in your pockets
How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
South Africa squad
Faf du Plessis (captain), Hashim Amla, Temba Bavuma, Quinton de Kock (wicketkeeper), Theunis de Bruyn, AB de Villiers, Dean Elgar, Heinrich Klaasen (wicketkeeper), Keshav Maharaj, Aiden Markram, Morne Morkel, Wiaan Mulder, Lungi Ngidi, Vernon Philander and Kagiso Rabada.
SERIE A FIXTURES
Friday (UAE kick-off times)
Sassuolo v Bologna (11.45pm)
Saturday
Brescia v Torino (6pm)
Inter Milan v Verona (9pm)
Napoli v Genoa (11.45pm)
Sunday
Cagliari v Verona (3.30pm)
Udinese v SPAL (6pm)
Sampdoria v Atalanta (6pm)
Lazio v Lecce (6pm)
Parma v Roma (9pm)
Juventus v Milan (11.45pm)
Killing of Qassem Suleimani
The specs: 2018 Harley-Davidson Fat Boy
Price, base / as tested Dh97,600
Engine 1,745cc Milwaukee-Eight v-twin engine
Transmission Six-speed gearbox
Power 78hp @ 5,250rpm
Torque 145Nm @ 3,000rpm
Fuel economy, combined 5.0L / 100km (estimate)
The 12
England
Arsenal, Chelsea, Liverpool, Manchester City, Manchester United, Tottenham Hotspur
Italy
AC Milan, Inter Milan, Juventus
Spain
Atletico Madrid, Barcelona, Real Madrid
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%3Cp%3EAriana%E2%80%99s%20Persian%20Kitchen%3Cbr%3EDinner%20by%20Heston%20Blumenthal%3Cbr%3EEstiatorio%20Milos%3Cbr%3EHouse%20of%20Desserts%3Cbr%3EJaleo%20by%20Jose%20Andres%3Cbr%3ELa%20Mar%3Cbr%3ELing%20Ling%3Cbr%3ELittle%20Venice%20Cake%20Company%3Cbr%3EMalibu%2090265%3Cbr%3ENobu%20by%20the%20Beach%3Cbr%3EResonance%20by%20Heston%20Blumenthal%3Cbr%3EThe%20Royal%20Tearoom%C2%A0%3C%2Fp%3E%0A
What is the FNC?
The Federal National Council is one of five federal authorities established by the UAE constitution. It held its first session on December 2, 1972, a year to the day after Federation.
It has 40 members, eight of whom are women. The members represent the UAE population through each of the emirates. Abu Dhabi and Dubai have eight members each, Sharjah and Ras al Khaimah six, and Ajman, Fujairah and Umm Al Quwain have four.
They bring Emirati issues to the council for debate and put those concerns to ministers summoned for questioning.
The FNC’s main functions include passing, amending or rejecting federal draft laws, discussing international treaties and agreements, and offering recommendations on general subjects raised during sessions.
Federal draft laws must first pass through the FNC for recommendations when members can amend the laws to suit the needs of citizens. The draft laws are then forwarded to the Cabinet for consideration and approval.
Since 2006, half of the members have been elected by UAE citizens to serve four-year terms and the other half are appointed by the Ruler’s Courts of the seven emirates.
In the 2015 elections, 78 of the 252 candidates were women. Women also represented 48 per cent of all voters and 67 per cent of the voters were under the age of 40.
The details
Heard It in a Past Life
Maggie Rogers
(Capital Records)
3/5
Killing of Qassem Suleimani
BLACKBERRY
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Profile of MoneyFellows
Founder: Ahmed Wadi
Launched: 2016
Employees: 76
Financing stage: Series A ($4 million)
Investors: Partech, Sawari Ventures, 500 Startups, Dubai Angel Investors, Phoenician Fund
Company%20profile
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A cheaper choice
Vanuatu: $130,000
Why on earth pick Vanuatu? Easy. The South Pacific country has no income tax, wealth tax, capital gains or inheritance tax. And in 2015, when it was hit by Cyclone Pam, it signed an agreement with the EU that gave it some serious passport power.
Cost: A minimum investment of $130,000 for a family of up to four, plus $25,000 in fees.
Criteria: Applicants must have a minimum net worth of $250,000. The process take six to eight weeks, after which the investor must travel to Vanuatu or Hong Kong to take the oath of allegiance. Citizenship and passport are normally provided on the same day.
Benefits: No tax, no restrictions on dual citizenship, no requirement to visit or reside to retain a passport. Visa-free access to 129 countries.
UAE currency: the story behind the money in your pockets
The specs
Price: From Dh529,000
Engine: 5-litre V8
Transmission: Eight-speed auto
Power: 520hp
Torque: 625Nm
Fuel economy, combined: 12.8L/100km
KILLING OF QASSEM SULEIMANI
MATCH INFO
League Cup, last 16
Manchester City v Southampton, Tuesday, 11.45pm (UAE)
Monster Hunter: World
Capcom
PlayStation 4, Xbox One
The specs: 2017 Lotus Evora Sport 410
Price, base / as tested Dh395,000 / Dh420,000
Engine 3.5L V6
Transmission Six-speed manual
Power 410hp @ 7,000rpm
Torque 420Nm @ 3,500rpm
Fuel economy, combined 9.7L / 100km
Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
Isle of Dogs
Director: Wes Anderson
Starring: Bryan Cranston, Liev Schreiber, Ed Norton, Greta Gerwig, Bill Murray, Jeff Goldblum, Scarlett Johansson
Three stars
FIGHT%20CARD
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Basquiat in Abu Dhabi
One of Basquiat’s paintings, the vibrant Cabra (1981–82), now hangs in Louvre Abu Dhabi temporarily, on loan from the Guggenheim Abu Dhabi.
The latter museum is not open physically, but has assembled a collection and puts together a series of events called Talking Art, such as this discussion, moderated by writer Chaedria LaBouvier.
It's something of a Basquiat season in Abu Dhabi at the moment. Last week, The Radiant Child, a documentary on Basquiat was shown at Manarat Al Saadiyat, and tonight (April 18) the Guggenheim Abu Dhabi is throwing the re-creation of a party tonight, of the legendary Canal Zone party thrown in 1979, which epitomised the collaborative scene of the time. It was at Canal Zone that Basquiat met prominent members of the art world and moved from unknown graffiti artist into someone in the spotlight.
“We’ve invited local resident arists, we’ll have spray cans at the ready,” says curator Maisa Al Qassemi of the Guggenheim Abu Dhabi.
Guggenheim Abu Dhabi's Canal Zone Remix is at Manarat Al Saadiyat, Thursday April 18, from 8pm. Free entry to all. Basquiat's Cabra is on view at Louvre Abu Dhabi until October
VEZEETA PROFILE
Date started: 2012
Founder: Amir Barsoum
Based: Dubai, UAE
Sector: HealthTech / MedTech
Size: 300 employees
Funding: $22.6 million (as of September 2018)
Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC
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The%20specs%3A%202024%20Panamera
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2.9-litre%20twin-turbo%20V6%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E353hp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E500Nm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3EEight-speed%20dual-clutch%20auto%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh408%2C200%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A
MATCH INFO
Syria v Australia
2018 World Cup qualifying: Asia fourth round play-off first leg
Venue: Hang Jebat Stadium (Malacca, Malayisa)
Kick-off: Thursday, 4.30pm (UAE)
Watch: beIN Sports HD
* Second leg in Australia scheduled for October 10
The 12 Syrian entities delisted by UK
Ministry of Interior
Ministry of Defence
General Intelligence Directorate
Air Force Intelligence Agency
Political Security Directorate
Syrian National Security Bureau
Military Intelligence Directorate
Army Supply Bureau
General Organisation of Radio and TV
Al Watan newspaper
Cham Press TV
Sama TV
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants
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The biog
Born: Kuwait in 1986
Family: She is the youngest of seven siblings
Time in the UAE: 10 years
Hobbies: audiobooks and fitness: she works out every day, enjoying kickboxing and basketball
COMPANY%20PROFILE
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More from Neighbourhood Watch:
South Africa's T20 squad
Duminy (c), Behardien, Dala, De Villiers, Hendricks, Jonker, Klaasen (wkt), Miller, Morris, Paterson, Phangiso, Phehlukwayo, Shamsi, Smuts.
Schedule for Asia Cup
Sept 15: Bangladesh v Sri Lanka (Dubai)
Sept 16: Pakistan v Qualifier (Dubai)
Sept 17: Sri Lanka v Afghanistan (Abu Dhabi)
Sept 18: India v Qualifier (Dubai)
Sept 19: India v Pakistan (Dubai)
Sept 20: Bangladesh v Afghanistan (Abu Dhabi) Super Four
Sept 21: Group A Winner v Group B Runner-up (Dubai)
Sept 21: Group B Winner v Group A Runner-up (Abu Dhabi)
Sept 23: Group A Winner v Group A Runner-up (Dubai)
Sept 23: Group B Winner v Group B Runner-up (Abu Dhabi)
Sept 25: Group A Winner v Group B Winner (Dubai)
Sept 26: Group A Runner-up v Group B Runner-up (Abu Dhabi)
Sept 28: Final (Dubai)
