Rubles-For-Gas Plan Explains Why Gazprombank Escaped Sanctions
Source: Bloomberg
This article is for subscribers only.
Gazprombank JSC has so far been spared the harsher sanctions Russia has faced for its invasion of Ukraine. Putin’s plan to get paid in rubles to keep gas flowing shows why.
Russian President Vladimir Putin signed an order instructing foreign buyers to open special accounts in state-controlled Gazprombank to allow foreign currency to be converted to rubles for settlements. That will be a requirement for companies wanting to receive Russian gas.