Putin allows gas payments to be made through other channels than Gazprombank until July

Vladimir Putin

Foreigners will be able to pay for Russian gas not only through Gazprombank, but also through other banks until July 1, 2025, according to a decree signed by President Vladimir Putin. The document was published on the official Internet portal of legal information.

“Until July 1, 2025, the obligation to pay for natural gas by a foreign buyer shall be considered duly fulfilled if funds in rubles are credited to a ruble account opened by the Russian supplier in a Russian credit institution,” the document states.

In December 2024 , Putin already granted a deferment of payment to accounts through Gazprombank for the adoption of measures to mitigate or lift restrictions against him during this period. The deadline expires on April 1.

After the start of the military operation in Ukraine and the introduction of sanctions by Western countries, Gazprombank, through which ruble payments for gas with unfriendly countries are made, was for a long time one of the few large Russian banks with which US residents were allowed to do business and conduct any transactions.

After the US Treasury Department imposed sanctions against Gazprombank in November 2024, Putin updated the procedure for foreigners to pay for Russian gas. The HEAD of state retained Gazprombank's status as an authorized bank. Payment could be made in another credit institution, but the obligations were considered fulfilled only when funds were transferred to the supplier's account at Gazprombank.

By a decree published on December 5, 2024, Putin allowed the transfer of funds for gas to Gazprom's account in another credit institution. Funds in rubles received from both a foreign buyer and third parties for the purpose of paying for gas by a foreign buyer are allowed to be credited to a ruble account opened by a Russian supplier.

Gazprombank then clarified that the credit institution continues to be the only authorized bank for settlements for gas supplies by buyers from unfriendly countries.

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