In response to U.S. sanctions on Gazprombank, Russia has implemented new regulations for gas payments from foreign buyers, mandating transactions in rubles. These changes were outlined in a presidential decree published yesterday.
Gas payments through special accounts established by Gazprombank in March 2022 will be suspended until the sanctions are lifted.
Foreign buyers can now transfer funds to their ruble accounts in authorized banks for payment or debt settlement. Payments may be conducted in rubles or the currencies specified in contracts.
Gas suppliers can terminate payment obligations by offsetting mutual claims, as per the amendments.
To purchase Russian gas, foreign buyers must transfer the required amount in rubles to the supplier’s account in an authorized bank. Alternatively, buyers may secure a ruble loan from a third party for this purpose.
The addition of Gazprombank to the U.S. sanctions list in November has disrupted the existing payment framework for foreign buyers. The decree, however, does not specify which banks besides Gazprombank are authorized to handle payments for natural gas.
