Putin extends bank authorization until October 1

With the decree signed by Putin, the duration of the decision determining the special payment process applied to foreign companies purchasing Russian gas has been extended until October 1.

Accordingly, the authorization for companies to use banks other than Gazprombank for payments for Russian gas will continue.

Russia had put into effect on April 1, 2022, the decree requiring countries deemed unfriendly to open foreign currency and ruble accounts at Gazprombank and to make their payments in rubles.

Gazprombank, which is among the partners of the Russian energy company Gazprom, was being used for payments made for Russia's natural gas exports to Europe.

The US administration had begun imposing sanctions on Gazprombank on November 21, 2024, in an effort to prevent Russia from using the international financial system.

Putin had also approved the decree allowing payments to be made through other banks on December 5, 2024.

News Source: AA