Russia’s Gazprom seeks gas payments in euros from India’s GAIL: Sources

Gazprom has asked India’s largest gas transmitter GAIL (India) to pay for gas imports in euros instead of dollars, two sources said, in a sign the Russian energy giant seeks to wean itself away from the US currency in the wake of the Ukraine conflict.

European countries and the United States have imposed heavy sanctions on Russia since Moscow sent troops into Ukraine on Feb 24.

GAIL has a long-term gas import deal with Gazprom Marketing & Trading Singapore to annually buy 2.5 million tonnes of liquefied natural gas and has been settling trade with Gazprom in dollars.

GAIL, which imports and distributes gas, also operates India’s largest gas pipeline network.