Putin raises gas payment obligation: What does that mean for the EU?
Putin raises gas payment obligation: What does that mean for the EU?
In a spectacular step, Russia's President Vladimir Putin abolished the regulation that foreign buyers for Russian gas had to deposit to an account of the GazpromBank. According to a new decree, it is now sufficient to transfer the money to an account of a "authorized bank". This decision, which is considered attempted to maintain gas export to the EU, comes just a few weeks after the imposition of US sanctions against Gazprombank href = "https://www.oe24.at/businesslive/kreml-sucht-ach-schluploch-fuer-gas deliveries- ins-ausland/61506388"> Oe24.at reported.
The sanctions that were imposed by the US government by the office for the control of foreign assets (OFAC) aim to consider Russia's use of the international financial system to continue his war against Ukraine. Under these sanctions, GazpromBank, together with over 50 other Russian banks, as well as more than 40 securities registers and 15 finances were occupied with sanctions. Janet L. Yellen, the US Finance Minister, said that these measures would significantly weaken the Kremlin, such as Home.treaeasury.gov determined.
consequences for gas deliveries and international financial connections
The change in the regulation by Putin follows a dramatic decline in gas deliveries from Russia to the EU, while at the same time countries such as Slovakia and Hungary continue to move. These new developments not only show Russia's attempts to alleviate the effects of western sanctions, but also to put pressure on the Russian financial system. The introduction of the system for the transfer of financial news (SPFS) by Russia, which acts as an alternative network with Swift, could also serve as an escape route for the financing of the war in Ukraine and is strictly monitored by OFAC
The geopolitical pressure on Russia and the associated economic consequences have consequently intensified, while the Kremlin is also trying to secure its financial streams in an increasingly circumcised international framework.
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| Ort | Moskau, Russland |
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