Russia Says Half of Gazprom Clients Abroad Opened Ruble Accounts

Around half of Gazprom PJSC’s foreign clients have complied with a request from Russia’s president to open accounts with Gazprombank JSC, according to Deputy Prime Minister Alexander Novak.

The shift in procedure follows a demand by Vladimir Putin in March that foreign buyers open ruble and foreign-currency accounts at the bank to handle payments for natural gas. But European companies have feared that doing so might violate sanctions imposed on Russia following its invasion of Ukraine.