Putin Amends Signed Decree

Russian President Vladimir Putin has signed a decree stating that payments for Russian gas are no longer tied to a specific bank. Previously, this bank was Gazprombank. The relevant document has been published on the official legal information portal.

Putin has amended his own decree from March 31, 2022, which stated that Gazprombank was the authorized bank for making payments for gas. He has opened special accounts of type "K" in rubles and foreign currencies for payments from foreign buyers, reports РБК.

The new decree also states that funds from "third parties" may be credited to the ruble account opened by the Russian supplier for payments for gas deliveries from a foreign company. The Bell notes that, according to the decree, obligations for gas payments can now be settled not only with money but also by offsetting mutual debts.

It is worth recalling that on November 21, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) announced sanctions against more than 50 banks, including Gazprombank, as well as its subsidiaries in Hong Kong, Luxembourg, Switzerland, South Africa, and Cyprus. Following this, UnionPay cards issued by Gazprombank ceased to operate in at least seven countries, including China.