Sosyal Medya

How do european gas companies realize the gas payments to Russian companies ? (Accounting)

26 Nisan 2022

How do european gas companies pay the gas payments to Russian companies ?


1-Russian gas companies use the GazPromBank



2- GazPromBank connects its correspondent bank for receiving euro payments from euro area. Its correspondent bank is GBP Bank.


3-GazPromBank created the account in correspondent bank for euro transactions. The following schematization indicates how GazProm opened the account in GPB.


4- Spanish gas company IberDrola buys gas from Russian gas company Lukoil.


5-IberDrola sents the money using spanish bank Santander. Santander sents this money to GPB Bank.


6-GazPromBank sents this money Lukoil deposit account.


7- From IberDrola to Lukoil.



8- This is new mechanism.


9- Russian governments wants to convert these euros directly to Ruble in the russian exchange market.

Lukoil directly can’t use its euro account.



10- Lukoil’s euros are transfered to MICEX companies  and this increases ruble value (assumptional)








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