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U.K. Allows Gas Payments to Sanctioned Russia Bank Until May 31

  • Treasury allows deals with Gazprombank related to EU gas
  • Russia appointed the lender to handle European gas bills

The U.K. has issued a temporary license allowing payments to sanctioned Russian lender Gazprombank JSC until the end of May for natural gas used in the European Union.

President Vladimir Putin last month ordered Gazprombank to handle all transactions for Russia’s pipeline gas with so-called “unfriendly” states, which includes most of Europe. A U.K. Treasury document published on Thursday doesn’t specify which company applied for the permission to work with the lender, which is sanctioned in Britain but not in the EU.