EU creates plan to bypass Russian gas sanctions - report

The European Union has drafted a plan to offer companies a way to purchase gas from Russia without violating sanctions levied against the country for its ongoing invasion of Ukraine while fulfilling Russian President Vladimir Putin's demand that companies only pay in rubles, Bloomberg reported on Saturday.

According to the report, the European Commission plans to tell companies in a new guidance regarding gas payments to state that they consider their obligations fulfilled after paying in euros or dollars, in line with existing contracts.

The executive arm of the EU said that the guidance would not bar companies from opening an account at Russia's Gazprombank and would allow them to buy gas without violating EU sanctions, Bloomberg added.

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