EU shamed: Russia rakes in £79.4bn in energy exports since start of war: 'Support Ukraine'

[SaadH]

This will just accelerate the transformation. Away from oil and gas, away from Russia. To renewables, to hydrogen, to nuclear. 5 or 10 years from now major of new cars will be electric. My next car will be electric full autonomous driving.

There isn't enough lithium to go around to make that happen...Still a long way to go before ICE vehicles are phased out.

 

[ckf]

Should I really response to this post? When the poster don't really know what is SWIFT and how SWIFT works?

For example, this is post sanction replies from Germany.

Germany will keep paying for Russian gas in euros-Scholz

German Chancellor Olaf Scholz said on Thursday he had told Russian President Vladimir Putin that his country has checked its contracts with Russia for gas deliveries and will keep paying for them in euros and sometimes dollars.

www.reuters.com

Well................LOL

Do u have any sense of time and common sense or just keep typing bs all day with blah blah crap all day.

Germany and Italy approved Russian gas payments after nod from Brussels

Germany and Italy told companies they could open ruble accounts to keep buying Russian gas without breaching sanctions against Moscow following discussions with the European Union, sources said.

www.euractiv.com

 

[Viet]

There isn't enough lithium to go around to make that happen...Still a long way to go before ICE vehicles are phased out.

The EU sets 2035 as deadline for combustible cars. That’s just 13 years from now. That will be a challenge. Yes where to get Lithium?

 

[jhungary]

Do u have any sense of time and common sense or just keep typing bs all day with blah blah crap all day.

Germany and Italy approved Russian gas payments after nod from Brussels

Germany and Italy told companies they could open ruble accounts to keep buying Russian gas without breaching sanctions against Moscow following discussions with the European Union, sources said.

www.euractiv.com

Gosh, really love you people when you don't read your own reference other than the headline

Most contracts EU firms have with Gazprom are in euros or dollars.

In its written guidance, the EU said companies can buy Russian gas without breaching sanctions if they pay in the currency of their existing contracts – and declare that doing so fulfils their contractual obligations.

and if you are wondering what does that mean by "it is not consider a breach of sanctions if they pay in the currency of their existing contract. Take Uniper as an example

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Get the latest Canadian business news, TSX updates, interest rates and Bank of Canada coverage. Explore stock market investing and get expert financial insights on investment portfolio strategies.

www.bnnbloomberg.ca

Uniper relies on Russia for more than half of its gas under long-term contracts and will continue to pay in euros, the spokesman said. It previously said it could pay in euros to an account in Russia. The company declined to comment on whether it opened a ruble account.

Germany's Uniper, RWE have paid for Russian gas under new scheme

German companies Uniper and RWE have paid for Russian gas under a new scheme proposed by Moscow, in a bid to ensure continued supply of the fuel that is critical to Europe's top economy.

www.reuters.com

A spokesperson for RWE, too, confirmed that euros had been transferred to the Russian account that was set up to enable payments.

The scheme only not violating sanction IF they pay in the currency that denominated in their original contract, which as your reference said, is mostly Euro and Dollars to Gazprombank, there are "Technically" no way for Gazprombank to convert these Euro or Dollars to Rouble because all those asset was frozen, the only way they can do it is under the table (For example, have the Euro Payment converted to Yuan and then from Yuan and try to find a Chinese bank that will take the Rouble) which is the reason why Putin himself threaten to have the new contract sign in Rouble. Because if they do this (the under the table way), they are going to lose a lot of money in transaction

Man, I am not asking you to study a law or economy degree, but at least read the reference you are quoting before you quote me, it's a waste of my time to go back to you own reference and proving you are wrong. It is supposed to be your job.

 

[zzzz]

Should I really response to this post? When the poster don't really know what is SWIFT and how SWIFT works?

Looney, wtf SWIFT has to do with anything? Sanctioned banks cannt receive or make payments since its not allowed by sanctions. And they are also cut from SWIFT as well. As i said, go buy a brain.

The scheme only not violating sanction IF they pay in the currency that denominated in their original contract, which as your reference said, is mostly Euro and Dollars to Gazprombank, there are "Technically" no way for Gazprombank to convert these Euro or Dollars to Rouble because all those asset was frozen, the only way they can do it is under the table (For example, have the Euro Payment converted to Yuan and then from Yuan and try to find a Chinese bank that will take the Rouble) which is the reason why Putin himself threaten to have the new contract sign in Rouble. Because if they do this (the under the table way), they are going to lose a lot of money in transaction

Why there is no way for Gazprombank to convert Euro or Dollars if Gazprombank is not under any sanction and can convert anything it want? If that was not the case, Gazprom would not be able to receive any payments in Euro or Dollars and EU would return back to Middle Ages since all gas to them would be cut. You need serious help.

 

[jhungary]

Looney, wtf SWIFT has to do with anything? Sanctioned banks cannt receive or make payments since its not allowed by sanctions. And they are also cut from SWIFT as well. As i said, go buy a brain.

This is exactly the thing a person who know jack shit about SWIFT would say.

Again, As I quote numerous time here, Russia continue taking Euro and US Dollar as payment, and that is a fact. Just go back to the previous post and look at the reference there.

Why there is no way for Gazprombank to convert Euro or Dollars if Gazprombank is not under any sanction and can convert anything it want? If that was not the case, Gazprom would not be able to receive any payments in Euro or Dollars and EU would return back to Middle Ages since all gas to them would be cut. You need serious help.

Jesus, are you serious? Any organisation in US are not allow to do business with Russia. (Not sure about EU, probably the same) which mean any US bank will not be able to do business with Russia and since Russia does not print USD, which mean the only way they can convert those money is either circumvent the sanction or ask someone who are willing to take risk to.

Gazprombank is just not under SWIFT sanction, it is under general sanction, which still have their asset frozen and their account in western bank on hold, and SWIFT don't do transfer themselves, they are a reporting agency, which basically is the people who issue buying and selling orders, SWIFT don't process them, so how are Gazprombank able to do business with the west when their account is frozen in the west?

Really, stupidity knows no bound.

 

[zzzz]

This is exactly the thing a person who know jack shit about SWIFT would say.

Again, As I quote numerous time here, Russia continue taking Euro and US Dollar as payment, and that is a fact. Just go back to the previous post and look at the reference there.



Jesus, are you serious? Any organisation in US are not allow to do business with Russia. (Not sure about EU, probably the same) which mean any US bank will not be able to do business with Russia and since Russia does not print USD, which mean the only way they can convert those money is either circumvent the sanction or ask someone who are willing to take risk to.

Gazprombank is just not under SWIFT sanction, it is under general sanction, which still have their asset frozen and their account in western bank on hold, and SWIFT don't do transfer themselves, they are a reporting agency, which basically is the people who issue buying and selling orders, SWIFT don't process them, so how are Gazprombank able to do business with the west when their account is frozen in the west?

Really, stupidity knows no bound.

Gazprombank doesnt have any assets frozen it can make or receive payments from any other bank including US banks in any currency.

As i said if that was not the case and Gazprombank was not able to accept gas payments, EU would not get any gas, obviously for any sane person that has a functioning brain.

Indeed, your stupidity knows no bound.

 

[jhungary]

Gazprombank doesnt have any assets frozen it can make or receive payments from any other bank including US banks in any currency.

As i said if that was not the case and Gazprombank was not able to accept gas payments, EU would not get any gas, obviously for any sane person that has a functioning brain.

Indeed, your stupidity knows no bound.

Oh My God.

New EU sanctions with asset freezes, tightened capital market sanctions and broad trade restrictions; UK asset freezes and details about pending UK legislation | White & Case LLP

Authored by our Global Sanctions, Export Controls and Customs Teams

www.whitecase.com

Financial restrictions​

Since 2014, the EU capital market sanctions5 have prohibited certain dealings in new debt and new equity issued by certain Russian banks and companies and certain affiliates.6 They have been amended significantly, and other measures in the financial sphere have been introduced:7

• Further restrictions have been imposed on the Central Bank of Russia, with a ban on all transactions related to the management of its reserves and assets;
• Four additional banks (Alfa Bank, Bank Otkritie, Bank Rossiya and Promsvyazbank) and eight corporations (Almaz-Antey, Kamaz, Novorossiysk Commercial Sea Port, Rostec, Russian Railways, Sevmash, Sovcomflot and United Shipbuilding Corporation) are now subject to the EU capital market sanctions;
• Dealings in transferable securities or money-market instruments of any maturity issued by these and the previously listed entities will be prohibited and no new loans/credit (of any maturity) can be granted to them (though certain exceptions apply);
• EU banks generally can no longer accept deposits over EUR 100,000 (in total) from Russian persons, entities or such that are residing in or established in Russia, though limited exceptions – some subject to prior authorisation – apply. EU banks must now moreover regularly report on all such Russian deposits exceeding EUR 100,000;
• It will be prohibited to provide services on trading venues for the transferable securities of any state-owned legal entity in Russia, and EU central securities depositories may no longer provide services for transferable securities issued after 12 April 2022 to any Russian persons;
• In addition, no euro denominated transferable securities issued after 12 April 2022 can be sold to Russian persons or entities, again subject to certain exceptions;8
• Lastly, it is forbidden to provide public financing or financial assistance for trade with, or investment in, Russia, except for prior binding financing commitments, trade in food or for agricultural, medical or humanitarian purposes. Financing up to EUR 10 million per project is however still allowed to SMEs established in the EU.

6 Since 2014, the targeted companies were Sberbank, VTB Bank, Gazprombank, Vnesheconombank (VEB), Rosselkhozbank, OPK Oboronprom, United Aircraft Corporation, Ural Vagonzavod, Rosneft, Transneft and Gazprom Neft.

EU own law stated

EUR-Lex - 02014R0833-20190709 - EN - EUR-Lex

eur-lex.europa.eu

Article 5(a)

1. It shall be prohibited to directly or indirectly purchase, sell, provide investment services for or assistance in the issuance of, or otherwise deal with transferable securities and money-market instruments with a maturity exceeding 90 days, issued after 1 August 2014 to 12 September 2014, or with a maturity exceeding 30 days, issued after 12 September 2014 by:

(a) a major credit institution, or other major institution having an explicit mandate to promote competitiveness of the Russian economy, its diversification and encouragement of investment, established in Russia with over 50 % public ownership or control as of 1 August 2014, as listed in Annex III; or

Annex III

ANNEX III

List of institutions referred to in Article 5(a)

1. SBERBANK
2. VTB BANK
3. GAZPROMBANK
4. VNESHECONOMBANK (VEB)
5. ROSSELKHOZBANK

What do you think it meant by " It shall be prohibited to directly or indirectly purchase, sell, provide investment services for or assistance in the issuance of, or otherwise deal with transferable securities and money-market instruments"

And finally, where did I say they can't accept Euro Payment? I said they can accept those payment but they can't use them because it is prohibited to directly or indirectly purchase, sell, provide investment services for or assistance in the issuance of, or otherwise deal with transferable securities and money-market instruments

This title is being very deceptive.

EU as a whole paid around $51 billions since Feb 24 for Russia oil and gas, the 79 billions pound (or 97 billions dollars) is on the entire sale to the world.

Germany paid Russia more than $12.5 billion for fossil fuels over the first 100 days of the Ukraine war, analysis finds

Russia earned $97 billion from fossil fuel exports from the start of the war to early June despite sanctions, according to CREA's analysis.

www.businessinsider.com

On the other hand, that money did not do much seeing how most Russian bank are sanctioned. Unless it is paid in Rouble (Which most big contract don't) Russia can't use them. They can't use any of those 51 billions until Russian bank have the ability to clear it.

Indeed, stupidity know no bounce..........

 

[zzzz]

Oh My God.

New EU sanctions with asset freezes, tightened capital market sanctions and broad trade restrictions; UK asset freezes and details about pending UK legislation | White & Case LLP

Authored by our Global Sanctions, Export Controls and Customs Teams

www.whitecase.com

Financial restrictions​

Since 2014, the EU capital market sanctions5 have prohibited certain dealings in new debt and new equity issued by certain Russian banks and companies and certain affiliates.6 They have been amended significantly, and other measures in the financial sphere have been introduced:7

• Further restrictions have been imposed on the Central Bank of Russia, with a ban on all transactions related to the management of its reserves and assets;
• Four additional banks (Alfa Bank, Bank Otkritie, Bank Rossiya and Promsvyazbank) and eight corporations (Almaz-Antey, Kamaz, Novorossiysk Commercial Sea Port, Rostec, Russian Railways, Sevmash, Sovcomflot and United Shipbuilding Corporation) are now subject to the EU capital market sanctions;
• Dealings in transferable securities or money-market instruments of any maturity issued by these and the previously listed entities will be prohibited and no new loans/credit (of any maturity) can be granted to them (though certain exceptions apply);
• EU banks generally can no longer accept deposits over EUR 100,000 (in total) from Russian persons, entities or such that are residing in or established in Russia, though limited exceptions – some subject to prior authorisation – apply. EU banks must now moreover regularly report on all such Russian deposits exceeding EUR 100,000;
• It will be prohibited to provide services on trading venues for the transferable securities of any state-owned legal entity in Russia, and EU central securities depositories may no longer provide services for transferable securities issued after 12 April 2022 to any Russian persons;
• In addition, no euro denominated transferable securities issued after 12 April 2022 can be sold to Russian persons or entities, again subject to certain exceptions;8
• Lastly, it is forbidden to provide public financing or financial assistance for trade with, or investment in, Russia, except for prior binding financing commitments, trade in food or for agricultural, medical or humanitarian purposes. Financing up to EUR 10 million per project is however still allowed to SMEs established in the EU.

6 Since 2014, the targeted companies were Sberbank, VTB Bank, Gazprombank, Vnesheconombank (VEB), Rosselkhozbank, OPK Oboronprom, United Aircraft Corporation, Ural Vagonzavod, Rosneft, Transneft and Gazprom Neft.

EU own law stated

EUR-Lex - 02014R0833-20190709 - EN - EUR-Lex

eur-lex.europa.eu

Annex III



What do you think it meant by " It shall be prohibited to directly or indirectly purchase, sell, provide investment services for or assistance in the issuance of, or otherwise deal with transferable securities and money-market instruments"

And finally, where did I say they can't accept Euro Payment? I said they can accept those payment but they can't use them because it is prohibited to directly or indirectly purchase, sell, provide investment services for or assistance in the issuance of, or otherwise deal with transferable securities and money-market instruments



Indeed, stupidity know no bounce..........

Gazprombank can transfer the Euro from its accounts to any bank and convert it to any currency, that is what i said. No single Euro of Gazprombank is frozen anywhere. The only thing which is prohibted by EU sanctions since 2014 is investing into Gazprombank, purchasing its debt bonds or giving loans. And nothing has changed since 2014.

 

[jhungary]

Gazprombank can transfer the Euro from its accounts to any bank and convert it to any currency, that is what i said. No single Euro of Gazprombank is frozen anywhere. The only thing which is prohibted by EU sanctions since 2014 is investing into Gazprombank, purchasing its debt bonds or giving loans. And nothing has changed since 2014.

Stop trying to amplify your stupidity, everyone already got that it knows no bound.

First, stop with the name calling. You can bring your point up without calling people name.

Second, I NEVER said Gazprom cannot take Euro or USD. And tell me what your account in Gazprombank can do if it is prohibited to directly or indirectly purchase, sell, provide investment services for or assistance in the issuance of, or otherwise deal with transferable securities and money-market instruments by the EU.

That is all that a bank account can do, is to provide investment service, deal with transferable securities and money market instruments. If your bank account can't do any of that, that mean your account is frozen.

 

[zzzz]

First, stop with the name calling. You can bring your point up without calling people name.

Second, I NEVER said Gazprom cannot take Euro or USD. And tell me what your account in Gazprombank can do if it is prohibited to directly or indirectly purchase, sell, provide investment services for or assistance in the issuance of, or otherwise deal with transferable securities and money-market instruments by the EU.

That is all that a bank account can do, is to provide investment service, deal with transferable securities and money market instruments. If your bank account can't do any of that, that mean your account is frozen.

OMG i just said you what is prohibted by sanctions for EU citizens. Giving loans to Gazprombank, buying Gazprombank bonds and opening long-term deposits in Gazprombank. The investement services for these specific actions are prohibted. You cannt provide investement services for investing into Gazprombank bonds. Thats all. It is not prohibted to open saving accounts in Euro and transfering or receiving money from your accounts in Gazprombank.

 

[tower9]

The sanctions are ridiculous it hasn't stopped anything and just hurts other countries. India is buying crude oil, refining it and selling it on to the EU and that apparently is acceptable to the EU. They're all m a d, total chaos at the top everywhere

Everything the west does nowadays is pure smoke show. Too much hollywood.

 

[jhungary]

OMG i just said you what is prohibted by sanctions for EU citizens. Giving loans to Gazprombank, buying Gazprombank bonds and opening long-term deposits in Gazprombank. The investement services for these specific actions are prohibted. You cannt provide investement services for investing into Gazprombank bonds. Thats all. It is not prohibted to open saving accounts in Euro and transfering or receiving money from your accounts in Gazprombank.

Dude, it said "money-market instruments" not just investment. Do you even know what is money market instruments?

Read this

The Hidden River of Money That Keeps Your World Afloat

Money market instruments are short-term loans that provide operational capital for businesses and governments. Here's why they're needed and how they're used.

www.thebalance.com

Types of Money Market Instruments​

There are 15 types of money market instruments. Each meets the specific needs of different customers. Some businesses may use an assortment of different money market accounts to cover their financial needs. Some are designed for the use of banks and large financial institutions, while others focus on businesses.

Commercial Paper​

Large companies with impeccable credit can simply issue short-term unsecured promissory notes to raise cash. Asset-backed commercial paper is a derivative based upon commercial paper.

Federal Funds​

Banks are the only businesses that use federal funds. Banks use them to meet the Federal Reserve requirement each night. It's roughly 10% of all bank liabilities over $58.8 million.2


The Federal Reserve lowered the reserve requirement to zero on March 26, 2020, due to the global health crisis.
A bank without enough cash on hand to meet the requirement will borrow from other banks. The federal funds rate is the interest that banks charge each other to borrow fed funds. The current fed funds rate dictates all other short-term interest rates.

Discount Window​

If a bank can't borrow fed funds from another bank, it can go to the Fed's discount window.3 The Fed intentionally charges a discount rate that's slightly higher than the fed funds rate. It prefers banks to borrow from each other. Most banks avoid the discount window, but it's there in case of an emergency.

Certificates of Deposit​

Banks issue certificates of deposit to raise short-term cash.4 Their duration is from one to six months. The CDs pay the holder higher interest rates the longer the cash is held.

Eurodollars​

Banks also issue CDs in foreign banks. These are held in euros instead of U.S. dollars.

Repurchase Agreements​

A "repo" is used when a bank issues securities but promises at the same time to repurchase them later at a higher price.5 This often means the next day with a little added interest. Even though it's a sale, it's booked as a short-term collateralized loan. The buyer of the security, who is actually the lender, executes a reverse repo.

Bankers Acceptances​

This works like a bank loan for international trade.6 The bank guarantees that one of its customers will pay for goods received, typically 30 to 60 days later. For example, an importer wants to order goods, but the exporter won't give him credit. He goes to his bank, which guarantees the payment. The bank is accepting the responsibility for the payment.

Swaps​

A swap is a contract between two parties to exchange all future interest rate payments from a loan.7 It is a type of derivative. The value of the swap is derived from the underlying value of the two streams of interest payments.


Swaps allow banks to act as middlemen for companies that want to protect themselves from changes in interest rates.
Swaps are like exchanging the value of the bonds without going through the legalities of buying and selling actual bonds. Most swaps are based on bonds that have adjustable-rate interest payments that change over time. Swaps allow investors to offset the risk of changes in future interest rates.

Backup Line of Credit​

The backup line of credit is a short-term note that protects the investors in a company.8 Here, a bank will guarantee to pay 50% to 100% of the money market instrument if the issuer defaults.

Credit Enhancement​

The bank issues a letter of credit that it will redeem the money market instrument if the issuer does not.

Treasury Bills​

The federal government raises cash by issuing Treasury bills.9 Their duration is for one year or less.

Municipal Notes​

Cities and states issue short-term municipal bonds to raise cash. The interest payments on these are exempt from federal taxes.


There are investments based on money market instruments.

Shares in Money Market Instruments​

Money market funds combine money market instruments. The fund companies sell shares of these funds to investors.

Futures Contracts​

Futures contracts obligate traders to either buy or sell a money market security at an agreed-upon price on a certain date in the future. Four instruments are typically used: Treasury bills, interest swaps, eurodollars, and a 30-day average of the fed funds rate.10

Futures Options​

Traders can also buy just the option, without an obligation, to buy or sell a money market futures contract at an agreed-upon price on or before a specified date. For example, Treasury options are offered on 5-year, 10-year, and "ultra" 10-year Treasury notes.11

That pretty much ALL commercial banking do.

And finally, I say this the 4th times now, I DID NOT EVER SAY EURO CANNOT BE DEPOSITED IN GRAZPROM ACCOUNT. I SAID GAZPROMBANK CANNOT USE IT. I even provided example that Euro are being used to settle Oil and Gas Contract........

 

[zzzz]

Dude, it said "money-market instruments" not just investment. Do you even know what is money market instruments?

Read this

The Hidden River of Money That Keeps Your World Afloat

Money market instruments are short-term loans that provide operational capital for businesses and governments. Here's why they're needed and how they're used.

www.thebalance.com

Types of Money Market Instruments​

There are 15 types of money market instruments. Each meets the specific needs of different customers. Some businesses may use an assortment of different money market accounts to cover their financial needs. Some are designed for the use of banks and large financial institutions, while others focus on businesses.

Commercial Paper​

Large companies with impeccable credit can simply issue short-term unsecured promissory notes to raise cash. Asset-backed commercial paper is a derivative based upon commercial paper.

Federal Funds​

Banks are the only businesses that use federal funds. Banks use them to meet the Federal Reserve requirement each night. It's roughly 10% of all bank liabilities over $58.8 million.2


The Federal Reserve lowered the reserve requirement to zero on March 26, 2020, due to the global health crisis.
A bank without enough cash on hand to meet the requirement will borrow from other banks. The federal funds rate is the interest that banks charge each other to borrow fed funds. The current fed funds rate dictates all other short-term interest rates.

Discount Window​

If a bank can't borrow fed funds from another bank, it can go to the Fed's discount window.3 The Fed intentionally charges a discount rate that's slightly higher than the fed funds rate. It prefers banks to borrow from each other. Most banks avoid the discount window, but it's there in case of an emergency.

Certificates of Deposit​

Banks issue certificates of deposit to raise short-term cash.4 Their duration is from one to six months. The CDs pay the holder higher interest rates the longer the cash is held.

Eurodollars​

Banks also issue CDs in foreign banks. These are held in euros instead of U.S. dollars.

Repurchase Agreements​

A "repo" is used when a bank issues securities but promises at the same time to repurchase them later at a higher price.5 This often means the next day with a little added interest. Even though it's a sale, it's booked as a short-term collateralized loan. The buyer of the security, who is actually the lender, executes a reverse repo.

Bankers Acceptances​

This works like a bank loan for international trade.6 The bank guarantees that one of its customers will pay for goods received, typically 30 to 60 days later. For example, an importer wants to order goods, but the exporter won't give him credit. He goes to his bank, which guarantees the payment. The bank is accepting the responsibility for the payment.

Swaps​

A swap is a contract between two parties to exchange all future interest rate payments from a loan.7 It is a type of derivative. The value of the swap is derived from the underlying value of the two streams of interest payments.


Swaps allow banks to act as middlemen for companies that want to protect themselves from changes in interest rates.
Swaps are like exchanging the value of the bonds without going through the legalities of buying and selling actual bonds. Most swaps are based on bonds that have adjustable-rate interest payments that change over time. Swaps allow investors to offset the risk of changes in future interest rates.

Backup Line of Credit​

The backup line of credit is a short-term note that protects the investors in a company.8 Here, a bank will guarantee to pay 50% to 100% of the money market instrument if the issuer defaults.

Credit Enhancement​

The bank issues a letter of credit that it will redeem the money market instrument if the issuer does not.

Treasury Bills​

The federal government raises cash by issuing Treasury bills.9 Their duration is for one year or less.

Municipal Notes​

Cities and states issue short-term municipal bonds to raise cash. The interest payments on these are exempt from federal taxes.


There are investments based on money market instruments.

Shares in Money Market Instruments​

Money market funds combine money market instruments. The fund companies sell shares of these funds to investors.

Futures Contracts​

Futures contracts obligate traders to either buy or sell a money market security at an agreed-upon price on a certain date in the future. Four instruments are typically used: Treasury bills, interest swaps, eurodollars, and a 30-day average of the fed funds rate.10

Futures Options​

Traders can also buy just the option, without an obligation, to buy or sell a money market futures contract at an agreed-upon price on or before a specified date. For example, Treasury options are offered on 5-year, 10-year, and "ultra" 10-year Treasury notes.11

That pretty much ALL commercial banking do.

And finally, I say this the 4th times now, I DID NOT EVER SAY EURO CANNOT BE DEPOSITED IN GRAZPROM ACCOUNT. I SAID GAZPROMBANK CANNOT USE IT. I even provided example that Euro are being used to settle Oil and Gas Contract........

Gazprombank can use Euros on its accounts any way it wants. There is no any sanction restricting Gazprombank of using Euro. Money-market instruments are Gazprombank bonds, idiot, securities that are traded on market. They are under sanctions.

Since 1st of April Gazprom by decree of President is not allowed to sell gas to EU without full payment in Rubles to its account in Gazprombank. Failure to pay in Rubles will stop the supply of gas. Gas was already cut to Finland, Bulgaria, Denmark and Poland for refusing to pay in Rubles.

.......

 

[jhungary]

Seek some medical help.

Okay, I will just report your post.

It's not even worth reading it.