Kremlin says no more gas cuts to European customers expected

The Kremlin said on Thursday it does not expect Gazprom to cut gas supplies to any more European customers, adding that its scheme to make buyers pay for their gas in roubles was functioning as intended.

Gazprom has cut supplies to some European countries for refusing to make payments for Russian gas in roubles under a new scheme the Kremlin set up in response to Western sanctions.

An immediate cut-off of Russian gas would tip countries including Germany into recession and require emergency measures such as factory closures to cope, according to analysts.

With many European companies facing gas payment deadlines later this month, EU states are attempting to clarify whether companies can keep buying the fuel without breaching the EU's sanctions against Russia over its invasion of Ukraine.

Moscow has said foreign gas buyers must deposit euros or dollars into an account at privately owned Russian bank Gazprombank, which would convert them into rubles.

(Reuters)