Beautiful Virgin Islands

Tuesday, Jun 24, 2025

At Least 20 European Gas Buyers Open 'Rubles-For-Gas' Account With Gazprombank

At Least 20 European Gas Buyers Open 'Rubles-For-Gas' Account With Gazprombank

"Under the new mechanism, clients have to open two accounts: one in foreign currency and one in rubles in Gazprombank." 

Europe's anti-Russian virtue signaling and harsh language are nothing more than a facade as the number of European companies opening accounts with Gazprombank JSC has doubled as President Vladimir Putin demands rubles for natural gas.

Bloomberg reports a person close to Gazprombank said twenty European companies had opened accounts with the private-owned Russian bank to swap euros for rubles to purchase natgas. Another 14 companies are requesting paperwork to facilitate transactions in rubles.

European gas buyers quietly paid for supplies in rubles, and the list continues to grow -- despite being in breach of Brussels sanctions.

"Under the new mechanism, clients have to open two accounts: one in foreign currency and one in rubles in Gazprombank," the person said.

This comes as deadlines for April supplies are near for major European buyers. The person said the payment structure involves European clients paying foreign currency to Gazprombank, then the funds automatically convert to rubles and won't involve Russia's central bank, which is under EU sanctions.

Last week, former Goldman partner and ECB head - Italian Prime Minister Mario Draghi - confirmed companies will be able to pay for natgas in rubles without breaking EU sanctions.

"Most of the gas importers have already opened their account in rubles with Gazprom," Draghi said during a recent press conference. He added that German companies were already paying rubles for natgas as both countries are top importers of Russian fossil fuels.

On April 27, European Commission President Ursula von der Leyen specifically warned companies not to cave to Russia's demands to pay for gas in rubles: "companies with such contracts should not accede to the Russian demands," von der Leyen said. "This would be a breach of the sanctions, so a high risk for the companies."

It should be evident that more and more European companies are going against Brussels' sanctions. The bloc's harsh words against Putin are nothing more than fluff.

Putin forcing natgas to be paid in rubles, on top of capital controls, has transformed the ruble into the world's best-performing currency this year. It's now up more than 11% against the US Dollar since the start of the year, even outpacing the Real's 9% increase to become the top mover in 31 major currencies tracked by Bloomberg.

The person close to Gazprom said four clients paid in rubles and expects more to come. So much for the worthless EU sanctions to put an end to Putin war funding.

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Macron and Merz: Europe must arm itself in an unstable world
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Airlines Evaluate Flight Cancellations Amid Escalating US-Iran Tensions
Starmer Invites Innovators to Join Government Talent Scheme
UK Economy’s Strong Opening Quarter Shows Signs of Cooling
Harrods Seeks Court Order to Secure Al Fayed Estate for Victims
BA and Singapore Airlines Cancel Dubai Flights Amid Middle East Tensions
Trump Faces Backlash from MAGA Base Over Iran Strikes
Meta Bets $14 B on Alexandr Wang to Drive AI Ambitions
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
FedEx Founder Fred Smith, ‘Heart and Soul’ of the Company, Dies at 80
Chinese Factories Shift Away from U.S. Amid Trump‑Era Tariffs
Pimco Seizes Opportunity in Japan’s Dislocated Bond Market
Labubu Doll Drives Pop Mart to Status as China’s Most Valuable Toy Maker
Global Coal Demand Defies Paris Accord Goals
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
BBC Demands Perplexity AI Immediately Stop Using Its Content
Telegram Founder: I Will Leave My Fortune to Over 100 of My Children
Political Turmoil Resurfaces in Belgium Amid Economic Concerns
Fed policymakers divided on timing of interest rate cuts
Trump signals imminent agreement with Harvard University
Inheritance tax referendum alarms Swiss billionaire community
Japan cancels bilateral security meeting amid US defence demands
AI skeptic Emily Bender warns that ‘the emperor has no clothes’
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
FBI and Senate Investigate Allegations of Chinese Plot to Influence the 2020 Election in Biden’s Favor Using Fake U.S. Driver’s Licenses
Vietnam Emerges as Luxury Yacht Destination for Ultra‑Rich
Plans to Sell Dutch Embassy in Bangkok Face Local Opposition
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump's $5 Million 'Trump Card' Visa Program Draws Nearly 70,000 Applicants
DGCA Finds No Major Safety Concerns in Air India's Boeing 787 Fleet
Airlines Reroute Flights Amid Expanding Middle East Conflict Zones
Elon Musk's xAI Seeks $9.3 Billion in Funding Amid AI Expansion
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Taiwan Imposes Export Ban on Chips to Huawei and SMIC
Israel has just announced plans to strike Tehran again, and in response, Trump has urged people to evacuate
Netanyahu Signals Potential Regime Change in Iran
Juncker Criticizes EU Inaction on Trump Tariffs
EU Proposes Ban on New Russian Gas Contracts
Analysts Warn Iran May Resort to Unconventional Warfare
×