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And US sanctions imposed on Gazprom Bank It prevents it from receiving any new energy transactions, disrupting the way customers in Europe pay for Russian gas.
In March 2022, Putin issued a decree requiring buyers of Russian gas to pay for deliveries through Gazprom Bank, as part of a plan that includes payments in rubles.
The method of payment was not clear after the amendment of the regulation and published today, Thursday. Russian authorities said they were working to find a way to solve the problem.
The amended regulation stipulates that payments for Russian gas through certain accounts in rubles and foreign currencies will not be made until the sanctions imposed on the bank are lifted and can resume by decision of the Russian president.
In 2023, Russia delivered about 15 billion cubic meters of gas through Ukraine, which represents only eight percent of the volume of Russian gas flows to Europe via various routes in 2018 and 2019.
However, some countries, such as Turkey and Hungary, still buy gas from Russia in large quantities
Hungary has asked the US to exempt Gazprom Bank from sanctions when it comes to paying for natural gas, saying the sanctions could negatively affect some US allies.
Under the sanctions, the companies must complete transactions with the bank by December 20.
