Some of Europe's biggest energy companies are preparing to use a new payment system for Russian gas demanded by the Kremlin that critics say will undermine EU sanctions, jeopardize the unity of the bloc and bring billions of cash into the Russian economy. The Financial Times writes about it..

Gas distributors in Germany, Austria, Hungary and Slovakia plan to open ruble accounts with Gazprombank in Switzerland to meet Russia's need for payments in its own currency, sources with knowledge of the preparations say.. The groups include two largest importers of Russian gas: Uniper from Dusseldorf and OMV from Vienna. Talks between European buyers and Russian state-owned gas supplier Gazprom have intensified as payment deadlines approached, they said.. The Italian company Eni, another major Gazprom client, is evaluating its options, two people familiar with the talks said..

The Rome-backed company has until the end of May when its next payment for shipments from Russia is due, Italian officials say.. The preparations show the impact of Russian efforts to build weapons for gas supplies and challenge the EU's ability to maintain a united front against Moscow.

At the end of March, Russian President Vladimir Putin issued a decree requiring gas buyers from so-called unfriendly countries, which include all EU countries, to open bank accounts in both foreign currency and rubles with Gazprombank, a Swiss-based financial and trading arm.. The measure was seen as a way to neutralize EU sanctions against Russia's central bank over Moscow's invasion of Ukraine..

Gas importers in Poland and Bulgaria, who refused to sign the Kremlin's scheme, cut off gas supplies from Russia on Wednesday..

Ursula von der Leyen, President of the European Commission, called this decision tantamount to blackmail. Brussels is struggling to resist Moscow's demands: the commission has released an official technical guide, which admits that financial engineering developed by the Kremlin can be " This will result in Russia being able to access billions of gas revenues to support its currency and its economy, EU member states and officials have said.. Under the new Russian mechanism, European companies will continue to pay Gazprombank for their imports in euros, ensuring that they do not violate the sanctions regime.. Then a Russian bank that is not under EU sanctions, at their request, converts the euro deposits into rubles in a second account opened in their name for onward payment to Russia.

Commission advisers concluded that any EU move to impose sanctions on Gazprombank — which would be the quickest way to close the loophole — could jeopardize the entire existing mechanism for paying for Russian gas, leading to a catastrophic cut in supplies to the bloc..

Valdis Dombrovskis, executive vice president of the commission, said that the implementation and interpretation of these agreements primarily falls on the shoulders of individual companies that have signed contracts with Gazprom.. But he urged them to stick to the letter of these contracts.. “Prices are agreed in euros or dollars. So you pay this amount in euros for a certain amount of gas, end of story,” he said..

He acknowledged that Russia's actions to cut off gas supplies to Bulgaria and Poland were nevertheless a challenge.. “In this regard, it is important to keep the EU united and, as President von der Leyen said, we must not succumb to such blackmail,” he said..

OMV said it has reviewed Gazprom's request for payment methods in light of EU sanctions and is working on a solution in line with the sanctions..

Tiina Tuomela, CFO of Uniper, said: “We believe that the change in the payment process is in line with the sanctions law, so payments are possible.”.

Italian officials said the commission's recommendations on whether Gazprom's payment scheme constituted a violation of sanctions were ambiguous and did not provide clarity to member states..

German Vice Chancellor and Economy Minister Robert Habeck said on Wednesday that the Russian payment mechanism is " “This is a path that is compatible with sanctions, and as far as I understand, German companies that follow this path are honoring their contracts,” he said.. " He added that after a visit to Poland on Tuesday, he realized that Warsaw intended to take a more uncompromising stance towards Moscow..