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President Vladimir Putin has lifted the requirement for payments for Russian natural gas to be made through Gazprombank, allowing European buyers to use other banks. This move alleviates concerns over US sanctions potentially disrupting gas supplies to Europe, leading to a 2.3% drop in European benchmark prices.
On November 21st, the U.S. Treasury imposed new sanctions on over 40 Russian banks, including Gazprombank, to tighten financial restrictions amid the ongoing conflict. Starting December 20th, European buyers of Russian gas will need to navigate alternative payment methods, complicating transactions and potentially impacting energy supplies.
The Bank of Russia announced that no emergency measures are necessary to stabilize the ruble, as existing policies are sufficient. The currency experienced a decline following US sanctions on over 50 lenders, including Gazprombank, which led to the central bank suspending foreign currency purchases under the budget rule, allowing the ruble to recover some losses amid speculation of a potential key rate increase.
Russia's economy is facing severe challenges as the ruble plummets, hitting its lowest level since March 2022, amid ongoing sanctions and a war-focused domestic economy. The central bank has halted foreign currency purchases to stabilize the market, but inflation continues to soar, exacerbating economic instability. Despite some growth driven by oil and gas exports, the situation is deteriorating, with experts warning of a potential currency crisis.
Turkey is negotiating with the US for a sanctions waiver to continue using Gazprombank for natural gas payments to Russia. Energy Minister Alparslan Bayraktar emphasized that without this exemption, Turkey would be unable to pay for gas imports, jeopardizing its energy supply.
Hungary has expressed concerns that US sanctions on Gazprombank threaten the energy security of Central Europe, potentially increasing the risk of a Russian gas cutoff. Foreign Minister Peter Szijjarto described the sanctions as an "attack on our sovereignty" and is consulting with energy ministers from Turkey, Azerbaijan, Bulgaria, and Serbia in Istanbul.
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