Putin Extends Option to Pay for Russian Gas Through Banks Beyond Gazprombank

© изображение сгенерировано ИИ

Russian President Vladimir Putin has extended until April 1, 2027, the authorization for foreign buyers of Russian gas to conduct payments in rubles not only through Gazprombank but also through other Russian banks.

The corresponding decree was signed on September 28. The previous authorization was set to expire on October 1, 2026. The new rules take effect from the date of signing the document.

The option to use alternative banks emerged after the U.S. imposed sanctions on Gazprombank. Initially, foreign buyers could only convert foreign currency into rubles through other Russian banks, with the proceeds then required to be transferred to the account of the Russian supplier opened at Gazprombank.

In December 2024, the payment rules were expanded. Foreign companies were allowed to pay for gas deliveries by crediting rubles to the account of the Russian supplier using third parties.

At the same time, Gazprombank was authorized to open not only special "K-type" accounts for foreign companies but also ruble and foreign currency accounts for Russian gas sellers.

However, payments for Russian gas using "K-type" accounts remain suspended until the sanctions against Gazprombank are lifted. Resumption of such transactions is possible only by a separate presidential decision.

The U.S. imposed sanctions on Gazprombank in late November 2024. This bank, among other things, processed payments from foreign buyers for Russian energy resources.