OMVJF - Eni to make Gazprom payment due by end of May - Bloomberg

Italy's Eni (NYSE:E) is set to pay Gazprom (OTCPK:OGZPY) for gas supplies this month even if the initial euro payment is converted to rubles, Bloomberg reports. The move comes after Gazprom tried to reassure European buyers including Eni (E) that payment would not violate European Union sanctions because Russia's central bank would not be directly involved, according to the report. Poland and Bulgaria had their gas cut off after they refused to pay Russia in rubles, but other buyers have been seeking workarounds, with companies including Austria's OMV (OTCPK:OMVJF) indicating that a fix was possible. At the same time, Eni (E) CEO Claudio Descalzi has been directly involved in the Italian government's efforts to cut energy dependence from Russia, helping to secure energy deals in several countries such as Algeria and Angola. Eni (E) offers a "10% yield with even higher shareholder returns on the horizon," Daniel Thurecht writes in a bullish analysis

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Eni to make Gazprom payment due by end of May - Bloomberg