Eni, the Italian energy giant, announced on Tuesday that it was opening accounts in euros and rubles to pay for Russian gas supplies that were due soon, in accordance with Moscow’s requests.

It was unclear whether Eni’s decision would trigger European Union sanctions, however, the company stated it was “not incompatible.”

In a carefully worded statement, Eni said its opening of the two accounts with Gazprom Bank was “on a precautionary basis” as “deadlines for the payment of gas supplies are scheduled for the next few days”.

Moscow has demanded that clients from “unfriendly countries” — including EU member states — pay for gas in rubles, a way to sidestep Western financial sanctions against its central bank.

Eni said its move was “taken in compliance with the current international sanctions framework” and that Italian authorities had been informed.

“As of today, Gazprom Export and the relevant Russian federal authorities have confirmed that: (i) invoicing and payment will continue to take place in euros”, the currency specified in the supply contracts, it continued.

Furthermore, “a clearing point agent operating at the Moscow Stock Exchange will carry out the conversion into rubles within 48 hours without any involvement of the Central Bank of Russia”.

If the conversions were not performed on time, “there will be no impact on supplies” of gas, it said.

Ahead of Eni’s announcement, the European Commission said anything going beyond paying for the contracts in the stipulated currency violated sanctions.

“The companies have to pay the contracts in the currency… foreseen by the contract,” Commission spokesman Eric Mamer told journalists in Brussels.

“Anything that goes beyond that is in breach of the sanctions. We can’t be clearer.”

However, Eni stated: “The new approach should be cost and risk-neutral, and it should not conflict with existing sanctions. The payment obligation can be met with a euro transfer.”

The Italian government did not respond immediately.