Engie will pay Gazprom in euro for Russian gas, CEO Catherine MacGregor announced on Tuesday, Reuters reports.

“We’ll pay in euro and so we are not exposed to currency risk,” the CEO of Engie said.

The official explained that an agreement had been reached with Gazprom, in accordance with the company’s expectations regarding the currency and in accordance with European sanctions.

Engie confirmed that it had reduced its direct exposure to Gazprom, from a maximum of 15 TWh to almost 5 TWh, at the end of March, according to Agerpres.

Engie shares rose 6.2% on the Paris Stock Exchange on Tuesday after the company reported quarterly earnings above estimates and improved its forecasts for 2022.

In the context of rising energy prices following the invasion of Ukraine by Russia, Engie has improved its forecasts for 2022, when it would have revenues of 3.8-4.4 billion euro, compared to the previous target of 3.1 -3.3 billion euro.

In the first quarter of 2022, Engie’s revenue rose 85% to 25.6 billion euro, while profit before tax and interest (EBIT) rose 74% to 3.5 billion euro.

Engie, like other European companies, is preparing for a possible cut of Russian gas supplies to Europe, diversifying its supply sources and importing “massively” liquefied natural gas (LNG). The company recently entered into a 15-year LNG purchase agreement with the US company NextDecade Corp.

Extending to the renewable energy segment is also another part of Engie’s response, MacGregor said