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00:00Our importers already responding to the new guidance. Pay I will absolutely as you say the use clarified its rules around those sanctions it said that that companies can continue to purchase Russian gas cargoes without breaching sanctions by paying in euros or dollars. It's also said that there's no restriction on opening an account with Gazprom Bank that has been viewed by some as a softening of the EU stance and potentially you know helping facilitate payments to Gazprom. But that could then be converted into rubles. The actual gardens itself doesn't specify any any further sort of instruction around Vladimir Putin's call. You remember he demanded that all those purchasing Russian gas should be paying in rubles. It doesn't specify on that but it's certainly seen as a mechanism that can allow importers to keep that gas flowing. We are seeing a response. Italians energy giant any they're expecting to open an account with Gazprom Bank as soon as Wednesday to keep gas flowing. That according to people familiar with the company's plans. We also see companies like Germany's Juniper also expecting to keep gas contracts flowing. So yeah we're already seeing a response to to those EU's moves to clarify its rules around the sanctions. David I mean we've got oil. It seems to hit the pause button here. The few days of gains. What other catalyst in either way to either push it down or indeed for it to go higher from here. Absolutely rich. I mean it certainly looks like we've sort of hit a bit of a bit of a lull after those really quite remarkable gains. Look what people saying in the market. They still think the U.S. ban on Russian oil is front and center obviously. Also on the supply side we've seen relatively muted efforts to raise production from key producers. So those are those are the sort of key elements that people are weighing. And some people are suggesting that to get any more pronounced move from here to get any big leg higher. We're going to need something out of the ordinary. You know a real further development potentially on on the demand side and some change. And what we're seeing resulting from the war in Ukraine for of course something dramatic or more dramatic on the supply side. So you know something something a little bit more excited needed for further gains.

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EU Companies to Keep Buying Russian Gas

As bans of Russian oil continue to weigh on markets, the European Union is now softening its stance on Moscow, giving companies the green light to keep buying Russian gas without breaching sanctions. David Stringer reports on Bloomberg Television. (Source: Bloomberg)

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