GasTerra says its Gazprom deliveries to end

GasTerra, a Dutch firm, announces that it will no longer receive gas from Russia’s Gazprom as of Tuesday after refusing to comply with Moscow’s requests for payment in roubles.

GasTerra, which purchases and markets gas on behalf of the Dutch government, finds a replacement for the two billion cubic meters of gas it had expected from Gazprom until October.

It further stated that the system sought by Russia, which entailed the establishment of accounts that would be paid in euros and subsequently exchanged for roubles, may breach EU sanctions and that the payment channel posed too many financial and operational risks.

GasTerra is owned by the Dutch government to the tune of 50% and oil majors Shell and Exxon to the tune of 25% each.