Putin Extends Russian Gas Payment Mechanism via Any Russian Bank for Several More Months

© Кремль

Russian President Vladimir Putin has extended until October 1 a mechanism allowing foreign buyers of Russian gas to make payments through any Russian bank. The decree took effect immediately upon signing.

Under the new rules, foreign companies can continue to pay for Russian gas deliveries not only through Gazprombank but also through other credit institutions operating in Russia. If necessary, intermediary payment schemes can be used.

The current arrangement was introduced after the U.S. imposed sanctions on Gazprombank. Previously, ruble payments for Russian gas deliveries to countries classified as "unfriendly" were processed exclusively through Gazprombank.

In response to these new restrictions, Russian authorities adjusted the payment mechanism for gas exports. Gazprombank retained its status as an authorized institution for such transactions, but buyers were also given the option to use other Russian banks, thereby reducing risks associated with sanctions.