JSC “Latvijas Gaze” has entered into a valid long-term agreement on the supply of natural gas until 2030 with PJSC “Gazprom”, which provides for settlements for natural gas in euros. According to the changes in the legislation of the Russian Federation, starting from April 1, 2022, settlements for natural gas supplies made after April 1, 2022 in accordance with the foreign trade agreements of PJSC “Gazprom” for the supply of natural gas abroad (to a number of countries) shall be made only in Russian rubles. Assessing the compliance of the said change of the settlement procedure with the previously established sanction regime, the first impression is that such settlement procedure - in Russian rubles - does not formally violate the sanction regime and is possible.

At present, Latvijas Gaze continues to analyze in depth the change in the proposed settlement method both from the legal point of view and from the point of view of the Group's business interests.