It remains unknown which bank it is going to be exactly. Steffen Hebestreit, an official representative of the German government, said that Russian President Vladimir Putin and German Chancellor Olaf Scholz were discussing Gazprombank, which is one of the largest banks in Russia. Gazprombank is not subject to EU sanctions.
Russia has not made any public statements about the details of the new mechanism. The Kremlin press service said that Putin assured German Chancellor Scholz that contractual conditions for importers would be preserved.
On March 30, Deputy Foreign Minister of Russia Sergey Ryabkov said that Moscow was hoping for a creative decision that Europe would take to change the format of payments. For the time being, European buyers have strongly refused to comply with Russia’s ultimatum.
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