Gazprombank to convert Hungarian gas payments from euros to rubles

Hungary plans to pay for Russian gas in euros through Gazprombank, which will convert the payment into rubles to meet a new requirement set by President Vladimir Putin, Foreign Minister Peter Szijjarto said on Monday. Putin has warned Europe it risks having gas supplies cut unless it pays in rubles as he seeks retaliation over Western sanctions for Moscow’s invasion of Ukraine. Under the scheme, Hungarian energy group MVM’s subsidiary, CEE Energy, would pay an upcoming bill in euros, which Gazprombank would convert into rubles and then transfer to Russia’s Gazprom Export, Szijjarto told a news conference.

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