The US Treasury Department has issued OFAC licenses to Turkey and Hungary, allowing them to continue making payments for gas to the Russian Federation through Gazprombank, despite the US sanctions imposed on the bank.
The OFAC license is valid for 3 months.
Thus, the US has effectively temporarily exempted Turkey and Hungary from sanctions against Gazprombank, which will allow them to continue using this bank to make payments to the Russian Federation for gas imports.
Recall that Gazprombank was a key financial institution used for interstate settlements for the supply of Russian gas. In November 2024, the US Treasury Department imposed blocking sanctions on Gazprombank, prohibiting the use of this bank to make payments to the Russian Federation.
US sanctions against Gazprombank come into effect on December 20, 2024
By Decree of the President of the Russian Federation dated December 19, 2024 No. 1080, Vladimir Putin allowed foreign buyers to make payments for the supply of natural gas to ruble accounts of suppliers not only in Gazprombank, but in any other Russian credit institutions until April 1, 2024.
The law firm "Nadmitov, Ivanov and Partners" advises on sanctions and Russian counter-sanctions.
Email: info@nplaw.ru
Tel.: +7 (495) 649-87-12