A senior European Union (EU) official said Thursday, “what we cannot accept is that gas payments sent in euros are only considered complete after they are converted into roubles.”

This comes after the Financial Times (FT) reported, earlier on, energy companies in Germany, Austria, Hungary and Slovakia are preparing to comply with a new payment system for Russian gas sought by the Kremlin, threatening the European Union’s (EU) unity and sanctions.

Market reaction

EUR/USD is fading the dead cat bounce, now trading at 1.0520, down 0.33% on a daily basis.