Russia Extends Gas Ruble Payment Decree to April 1, 2027

en.Wedoany.com Reported - On September 28, Russian President Vladimir Putin signed Presidential Decree No. 701, extending a temporary ruble settlement arrangement for foreign buyers paying for Russian natural gas to April 1, 2027; the original expiry date was October 1, 2026. The decree amends Presidential Decree No. 172 signed on March 31, 2022.

Under the current rules, during the extension period, foreign buyers will be deemed to have fulfilled their natural gas payment obligations once the corresponding ruble funds are transferred to a ruble account opened by the Russian gas supplier with a bank inside Russia. The arrangement expands the range of Russian banks that can be used to complete settlements, so that relevant payments no longer have to be made only through Gazprombank as the authorized bank.

Russia has applied a ruble settlement mechanism for natural gas to certain foreign buyers since April 2022. Decree No. 172 stipulates that natural gas payments under supply contracts with countries that Russia has designated as carrying out "unfriendly actions," as well as contracts with foreign buyers registered in such countries, shall be settled in rubles as required. Gazprombank served as the authorized bank under the original settlement mechanism and could open special "K" type ruble and foreign currency accounts for foreign buyers.

After December 2024, Russia adjusted the relevant payment channels, allowing foreign buyers to pay directly in rubles and permitting third parties to transfer ruble funds to Russian suppliers' accounts. In June 2026, Russia had already extended the temporary arrangement for completing relevant ruble payments through other Russian banks from July 1 to October 1; Presidential Decree No. 701 now extends the deadline by another six months.