Reference prices for natural gas in Europe continued to fall on Tuesday, after the European Commission clarified how EU companies can pay for Russian gas supplies without violating the sanctions imposed on Russia by the EU bloc, Bloomberg reports.

On the Amsterdam Stock Exchange, gas futures quoted next month were down 4.3% on Tuesday morning, to 88.92 euro for a Megawatt-hour, after two consecutive days of decline.

A European Commission spokesman said on Monday evening that the EU executive had sent a series of qualifications to member states last week on how European companies could pay for Russian gas, after Russia asked foreign buyers to pay in rubles for delivered gas, otherwise the supply may be interrupted, according to Agerpres.

According to the European Commission, EU sanctions do not prevent companies from opening accounts with a designated bank, and companies can pay for Russian gas as long as they do so in the currency agreed in their current contracts and declare the transaction completed when it is paid in that currency.

These announcements have eased tensions between the EU and Russia over energy supplies. In addition, European imports of liquefied gas as well as warming weather as summer approaches have also contributed to this declining trend in gas prices.

“European gas prices have ignored escalating geopolitical tensions. Despite declining Russian gas supplies in recent weeks, record liquefied gas imports on the continent have brought stocks back to a comfortable level,” said Biraj Borkhataria, research director at RBC Capital Markets.

Almost all contracts of EU companies with Gazprom are in euro or dollars.