Bloomberg learned about Turkey's attempts to obtain the right to pay for gas in GPB

Turkey is negotiating with the United States about possibly lifting restrictions on its interactions with Gazprombank (GPB) so that the republic can continue to use the Russian bank to pay for gas imports, BLOOMBERG writes .

As the agency notes, Turkish Energy Minister Alparslan Bayraktar publicly stated that without sanctions relief “we will not be able to pay RUSSIA.” “If we cannot pay, we will not be able to buy goods. <...> If there are no exceptions [to the sanctions against GPB], this could become something very big for Turkey,” the official explained.

Bayraktar cited previous Iran-related sanctions exemptions as a precedent. Bloomberg, citing data from the Turkish regulator, writes that Russia is Turkey’s largest gas supplier, accounting for about 42% of imports last year.

The US sanctions against Gazprombank have also been criticised by Hungarian authorities . Foreign Minister Peter Szijjarto told the agency that regional countries would “find a way” to continue buying fuel after talks in Istanbul with regional energy ministers.

Since the spring of 2022, in accordance with the decree of Russian President Vladimir Putin, ruble payments for gas to unfriendly countries have been made through Gazprombank.

After the operation in Ukraine began and sanctions were imposed, GPB remained one of the few large banks in Russia that was not on the SDN list (a list of people and companies with whom US residents cannot do business or conduct any transactions). However, on November 21, the US Treasury tightened sanctions against more than 50 Russian banks, including Gazprombank.

Russian authorities consider the sanctions illegal and ineffective. The purpose of the restrictions in Moscow was said to be to contain the Russian economy. After the new US sanctions, Gazprombank stated that the restrictions would not affect its work in Russia. The Kremlin promised that, despite the sanctions against the bank, Russia would find options for paying for gas supplied to Europe, although this would take time.