That's an interesting wrinkle in the sanctions-busting trade. Marc Rich would look favorably on the in-your-face style. And besides making a fortune, Mr. Rich got a pardon from Bill Clinton to boot.
From The Economic Times:
An LNG shipload was received on March 25 and its payment will be due in early April. There is no indication that the payment for this cargo will be in a currency other than US dollar, sources said. "So far, the US dollar payment continues without any problem," another source said. "Gazprom has so far not communicated anything to GAIL about change in payment mode."
India's largest gas utility GAIL (India) Ltd continues to pay for the LNG it imports from Russia's Gazprom in US dollars and will seek exchange rate neutrality in case payments are sought in any other currency such as Euro, two sources said. GAIL has a deal to receive 2.5 million tonnes of liquefied natural gas (LNG) annually on a delivered basis from Russia's Gazprom. This translates into 3 to 4 cargoes or ship loads of super-cooled natural gas every month.
"The contract with Gazprom provides for making payments in US dollars," a source with direct knowledge of the matter said. "Payments become due 5-7 days after the delivery of the LNG cargo. The last payment was made on March 23, which was in US dollars."
An LNG shipload was received on March 25 and its payment will be due in early April. There is no indication that the payment for this cargo will be in a currency other than US dollar, sources said....
....MUCH MORE
On the other hand I don't think GAIL will need a pardon, the discounts Russia is offering on oil and gas are pretty good recompense for any reputational risk that might arise for the utility.
India really does go its own way and doesn't care who knows it.
