Gas in Europe has risen in price to $1066 per thousand cubic meters. m after Gasum refused to pay for gas in rubles

The spot price of gas in Europe – the nearest (June) contract for the TTF index on the ICE Futures exchange rose to $ 1066 per thousand cubic meters, after it became known about the decision of Finland to refuse to pay for Russian gas in rubles.

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This is 12% higher than the minimum value for the trading day recorded on Tuesday morning – $955.

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On May 17, the Finnish state distribution company Gasum announced that it had not accepted the demand of the Russian side to switch to a new gas payment system. In this regard, she warned that there is an increased risk of cutting off the supply of natural gas from Russia to Finland. Gasum has decided to submit disputes relating to the supply contract to arbitration.

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Russia has been supplying natural gas to Finland for over 45 years. In December 2015, Gazprom Export and Gasum extended the gas supply contract until December 31, 2031. From January 1 to March 16, 2022, 436 million cubic meters were delivered to Finland. m of gas – a day is about 3.2 million cubic meters.