Putin cancels requirement for buyers of Russian gas to pay only via Gazprombank

A change was introduced to presidential decree no. 172 dated March 31, 2022, regarding a special procedure for foreign buyers fulfilling obligations to Russian natural gas suppliers, by a new presidential decree, no. 1033 dated December 5, 2024, which was published on Thursday on the official internet portal of legal information.

As reported, the U.S. Treasury Department added over 50 Russian banks, including Gazprombank, to its sanctions list in November. Payments for Russian gas are made through Gazprombank.

"It is established that payments for natural gas supplied by Russian suppliers using special K-type ruble accounts and special K-type foreign currency accounts, as provided for in presidential decree no. 172 of March 31, 2022, shall no longer be made until the restrictive measures imposed on the authorized bank under paragraph 2 of the said decree by foreign states and/or international organizations taking unfriendly actions towards the Russian Federation, Russian legal entities and individuals are lifted," the document said.

The new decree also allows the authorized bank to credit funds in rubles received from third parties to pay for natural gas supplies by foreign buyers.

A mechanism for offsetting mutual claims is also stipulated. "The obligation to pay for the natural gas supply may be fully or partially terminated by offsetting mutual claims of the Russian supplier against the foreign buyer at the initiative of the Russian supplier," the decree said.