Foreigners can pay for Russian gas to Gazprombank via third parties

MOSCOW:  Russian President Vladimir Putin updated the procedure for gas payments to be made by foreign buyers. In particular, foreign compan...

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MOSCOW:  Russian President Vladimir Putin updated the procedure for gas payments to be made by foreign buyers.

In particular, foreign companies can now pay for Russian gas by crediting funds at their accounts via third parties and not directly through the account with Gazprombank.

Gazprombank can now open not merely type K special accounts but ruble and currency accounts also. Foreigners can make ruble payments to such accounts and "an authorized bank is allowed to credit funds in rubles coming from third parties for purposes of foreign buyer’s payments for natural gas supplies at a ruble account opened by a Russian supplier in the authorized bank."

Settlements for Russian gas with the use of Type K accounts of Gazprombank will not be performed until cancellation of sanctions against the Russian banks. Russian gas exporters can also restart supplies to foreign buyers if they repay the debt by rubles crediting to the account. The president also authorized Russian gas exporters to account counter-claims against foreign companies in gas payment commitments of foreign companies.

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