Moscow’s new gas payment scheme explained

It requires a ruble account to be opened in an unsanctioned Russian bank abroad

Russian gas buyers from “unfriendly countries” will be obliged to open a ruble account in an unsanctioned Russian bank, RBC reported on Thursday, citing sources with knowledge of the new payment mechanism.

“The proposed scheme requires the mandatory opening of accounts in Russian rubles in a Russian bank by a foreign buyer of Russian gas,” a government source said. “The payment from the buyer to Gazprom will have to be made exclusively in rubles.”

A source close to Gazprom has confirmed to RBC the structure of the new payment plan.

The deadline set by the Russian government for switching to rubles in gas payments is April 1.

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