Putin extends ruble payment requirement for foreign gas buyers until July 1

Russian President Vladimir Putin on Tuesday extended the permission for foreign buyers of Russian gas to pay in rubles until July 1.

The relevant decree was published on the government portal and is effective as of the publication date. Transactions are possible through Gazprombank and several other banks.

The previous similar permission, issued on Dec. 8, 2025, was valid until April 1, 2026.

The payment procedure for Russian gas by foreign buyers has been updated in light of the US sanctions imposed on Gazprombank.

Previously, foreign buyers could only convert currency through other Russian banks and had to transfer the rubles to the account of a Russian gas supplier at Gazprombank.

In Dec. 2024, foreign companies were granted the right to pay for gas supplies by crediting funds to a Russian supplier’s ruble account through third parties.

Gazprombank was also allowed to open ruble and foreign currency accounts for domestic gas sellers, in addition to special “K” accounts for foreign companies.

Settlements with Russia for gas using “K” type accounts will not be conducted until sanctions against Gazprombank are lifted and resumed by presidential decree.

• Russian President Vladimir Putin