1 Apr 2022 14:00

Central Bank approves rules for special gas payment accounts, Gazprombank promises 'convenient, technologically advanced' payment in rubles

MOSCOW. April 1 (Interfax) - The Central Bank of the Russia's board of directors approved the rules for special type K bank accounts, which will be central to the new arrangement for paying for natural gas exports introduced by presidential decree from April 1.

Gazprombank , which is the authorized bank for the purposes of the presidential decree, will open, based on an application by a foreign buyer, special K type ruble accounts and special K type currency accounts for natural gas transactions.

A foreign buyer, on whose application the account has been opened, or a person to whom the obligation to pay for gas has been delegated, may transfer funds in the Russian currency specified in a contract on natural gas supplies to the special K type currency account.

Funds can be debited from a special K type currency account for the purpose of selling foreign currency in the manner prescribed by the presidential decree or determined by decision of the Central Bank board of directors, as well as for the paying for the services of an authorized bank.

The special K type ruble account may be credited with money received as a result of the sale of foreign currency received on a special K type currency account.

Funds can be debited from this account to the ruble account of a Russian natural gas supplier opened with the authorized bank, as well as to pay for Gazprombank services.

Gazprombank, commenting on the decisions, said that it "has many years of experience in meeting without disruption the needs of Gazprom in a wide range of settlements with its numerous clients around the world."

Following the decision of the Bank of Russia's board of directors, Gazprombank promises to put in place "all conditions for convenient and technologically advanced payment for Russian gas in the currency approved by the decree - rubles."