Following U.S. sanctions, Putin lifts requirement for Gazprombank to handle all payments for Russian gas
Russian President Vladimir Putin has signed a decree removing the requirement for payments for Russian gas to be processed through a single designated bank.
The new measure amends a March 31, 2022, decree that required Gazprombank to handle all gas payments from foreign buyers. Under the earlier system, the bank opened special ruble and foreign currency accounts to facilitate transactions, RBC reported.
Now, payments for gas delivered through these accounts will no longer be routed through Gazprombank, at least until sanctions against the bank are lifted. The decree also introduces a new provision allowing “third parties” to deposit funds into ruble accounts opened by Russian suppliers to pay for gas. Additionally, payment obligations can now be settled through the offsetting of mutual debts, according to The Bell.
The change comes after the U.S. Treasury Department imposed sanctions on November 21 against more than 50 banks, including Gazprombank and its subsidiaries in Hong Kong, Luxembourg, Switzerland, South Africa, and Cyprus. Following the sanctions, UnionPay cards issued by Gazprombank stopped working in at least nine countries, including China.
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