Russian LNG exports to Germany are safe: Germany’s biggest gas importer

In a statement, Germany’s top importer of Russian gas said, Russian LNG inflows into Germany are safe, despite the fact Moscow halted supplies to Poland and Bulgaria since transit volumes headed elsewhere have not been affected.

Uniper’s CEO however noted, Russia could stop supplying gas to Western nations if they threaten to impose an oil embargo.

“That is a deal between that counterpart and Gazprom. So it will not have an impact on the transit of volumes through Poland,” said Uniper’s Chief Commercial Officer Niek den Hollander to analysts after presenting preliminary first-quarter results.

He went on to add, “So anyone who is offtaking, for instance in Germany, could theoretically still continue to use that route through the Yamal pipeline”. “As for Bulgaria, we think it’s a similar situation.”

Uniper’s CEO Klaus-Dieter Maubach said, an oil embargo on Russia could cause a stop to gas deliveries. “Any action on the Western side can trigger reactions.”

Uniper has confirmed that expects to be able to pay for long-term gas contracts by Russia with payments made in Rubles.

“We consider that the amendment of the payment process complies with the sanctions law and so the payments are possible,” said Uniper finance chief Tiina Tuomela.

She clarified that Uniper was using a mechanism that allowed payments in euros, which are then turned into Rubles on the Russian bank side via Gaprombank. The first payment under this scheme would be made at the end of May 2022.

($1 = 0.9420 euros)



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