Page 20 - bne IntelliNews Russia OUTLOOK 2025

In other words, European customers will be able to keep paying for Russian gas, but the process will be more complicated. Notably, Turkey has also asked for a waiver on supplies.
To soften the impact of the sanctions further, the EU is in discussions with the US on mitigation measures, including potentially allowing payments for gas to be made legally via a Luxembourg-based subsidiary of Gazprombank, according to Bloomberg. The US could also issue a licence to allow continued energy payments via Gazprombank, to make the process even easier.
The US Treasury eased the sanctions on transactions with Gazprombank on December 21, but only for Americans and peaceful nuclear projects. After spearheading global sanctions against Gazprombank, the US quietly carved out exceptions for its own interests just days later. As a result, the sanctions regime is primarily being enforced by Europe, which is left to suffer the consequences – scrambling to find ways to pay Russia for gas.
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