x

Economy

Greece Says Will Pay for Russian Gas, Not Breach EU Sanctions

ATHENS – Refusing to explain how it can be done, Greece plans to pay Gazprom on time in May without violating European Union sanctions – although Russia said it will accept only roubles, which would breach the penalties.

Energy Minister Kostas Skrekas told Greek SKAI radio that the payment would be made but didn’t say if Greece would buckle to demands from Russian President Vladimir Putin for only roubles.

Greece, like the EU, is reliant on Russian energy for up to 40 percent of its needs and scrambled to find alternatives with Russia turning off the gas for Bulgaria and Poland in what bloc officials said was “blackmail.”

Poland and Bulgaria refused to pay in roubles and Skrekas’ non-transparency made it confusing as to how Greece could skirt the EU sanctions, pay Russia and keep the energy coming.

The penalties were imposed for Russia’s invasion of Ukraine and the bloc is continuing to pay gas and oil that Ukrainian President Volodomyr Zelensky said is blood money financing the slaughter of thousands of civilians.

But, needing the gas, the EU is sending Russia 1 billion euros ($1.05 billion) a day for energy and after initially sending arms to Ukraine to help fight the invaders, Prime Minister Kyriakos Mitsotakis said no more would be provided.

Greece, which relies on Russian gas for more than 30 percent of its annual needs, has a supply contract with Gazprom that ends in 2026. The next payment from Greece’s main gas utility DEPA to Gazprom for April’s gas supplies is due May 25.

“We will pay in a way which will not violate the sanctions and safeguard our country’s energy security,” Skrekas said, adding that a secret deal was made directly with the Russian gas supplier.

“Gazprom has proposed a way of payment. This has legal, financial and political aspects. We’ve been assessing all these aspects,” he said, urging an EU energy ministers meeting to come to find a joint answer.

Under the new Russian payment system, buyers would deposit euros or dollars into an account at Gazprombank, which would convert them into roubles, place them into another account owned by the foreign buyer and transfer the payment in Russian currency to Gazprom.

RELATED

ATHENS - The government's goal to make Greece a model of sustainable tourism, to improve its image and to further upgrade the brand of Greece was highlighted by the Secretary General for International Economic Affairs and president of Enterprise Greece, Ioannis Smyrlis, at the conference "Greek tourism, a national affair.

Top Stories

Columnists

A pregnant woman was driving in the HOV lane near Dallas.

General News

FALMOUTH, MA – The police in Falmouth have identified the victim in an accident involving a car plunging into the ocean on February 20, NBC10 Boston reported.

General News

NEW YORK – Meropi Kyriacou, the new Principal of The Cathedral School in Manhattan, was honored as The National Herald’s Educator of the Year.

Video

Warnock or Walker? Georgia Runoff to Settle Last Senate Seat

ATLANTA — Georgia voters on Tuesday are set to decide the final Senate contest in the country, choosing between Democratic Sen.

With 2022’s election night in the rearview mirror, the 2024 presidential election will soon dominate the headlines.

Russia freed WNBA star Brittney Griner on Thursday in a dramatic high-level prisoner exchange, with the U.

HARRISBURG, Pa. — Donald Trump's attacks on fellow Republican David McCormick contributed to the former hedge fund manager's loss in Pennsylvania's Senate primary.

BOISE, Idaho — Police are asking for help finding the occupant of a car that was seen near where four University of Idaho students were stabbed to death last month, saying that person could have "critical information" about the case.

Enter your email address to subscribe

Provide your email address to subscribe. For e.g. abc@xyz.com

You may unsubscribe at any time using the link in our newsletter.