EU nations resist US sanctions on Russian bank, says Bloomberg
According to Bloomberg, the EU is urging the US to relax sanctions on Russia's Gazprombank due to concerns about gas supply. Read Full Article at RT.com
TroibNews 
The latest American restrictions have eliminated the final avenue for the European Union to pay Moscow for gas supplies.
The EU is urging the United States to ease sanctions on Russia’s Gazprombank, which had recently been utilized by member states to make payments for Russian natural gas, as reported by Bloomberg on Friday.
The bloc is currently in negotiations with the US regarding “mitigation measures after some European governments and companies warned that the sanctions would pose a risk to the region’s security of supply,” according to sources familiar with the discussions.
Gazprombank was the last remaining Russian bank with access to the SWIFT interbank messaging system, but it faced blacklisting by Washington last month, which has barred it from processing further gas supply payments or transit fees.
Even though President Vladimir Putin subsequently decided to allow other financial institutions to facilitate ruble conversions for purchasing Russian gas, EU banks remain wary of the associated legal risks, Bloomberg indicated.
Washington had delayed imposing sanctions on Gazprombank until last week, influenced by pressure from Europe, as members of the bloc confronted a “severe gas shortage” following the escalation of the Ukraine conflict, as noted by Bloomberg.
Putin stated on Wednesday that severing ties with Russia has significantly impacted the “difficult period” experienced by the German and other European economies. He highlighted that without “stable and reliable supplies of affordable Russian energy resources,” energy-dependent industries within the EU are incurring losses.
The European Commission’s forecast from November anticipated that “after a prolonged period of stagnation,” the EU economy would see modest growth. Recent data from the EC indicates that the bloc’s GDP is projected to grow by 0.9% in 2024.
Despite facing extraordinary international pressure, the Russian economy is expected to grow by 3.6% this year, according to the International Monetary Fund.
Moscow has consistently criticized Western sanctions as biased and unlawful. The Kremlin has maintained that these measures have failed to achieve their intended goal of destabilizing the Russian economy and have ultimately backfired on the countries that implemented them.
Ian Smith for TROIB News
The EU is urging the United States to ease sanctions on Russia’s Gazprombank, which had recently been utilized by member states to make payments for Russian natural gas, as reported by Bloomberg on Friday.
The bloc is currently in negotiations with the US regarding “mitigation measures after some European governments and companies warned that the sanctions would pose a risk to the region’s security of supply,” according to sources familiar with the discussions.
Gazprombank was the last remaining Russian bank with access to the SWIFT interbank messaging system, but it faced blacklisting by Washington last month, which has barred it from processing further gas supply payments or transit fees.
Even though President Vladimir Putin subsequently decided to allow other financial institutions to facilitate ruble conversions for purchasing Russian gas, EU banks remain wary of the associated legal risks, Bloomberg indicated.
Washington had delayed imposing sanctions on Gazprombank until last week, influenced by pressure from Europe, as members of the bloc confronted a “severe gas shortage” following the escalation of the Ukraine conflict, as noted by Bloomberg.
Putin stated on Wednesday that severing ties with Russia has significantly impacted the “difficult period” experienced by the German and other European economies. He highlighted that without “stable and reliable supplies of affordable Russian energy resources,” energy-dependent industries within the EU are incurring losses.
The European Commission’s forecast from November anticipated that “after a prolonged period of stagnation,” the EU economy would see modest growth. Recent data from the EC indicates that the bloc’s GDP is projected to grow by 0.9% in 2024.
Despite facing extraordinary international pressure, the Russian economy is expected to grow by 3.6% this year, according to the International Monetary Fund.
Moscow has consistently criticized Western sanctions as biased and unlawful. The Kremlin has maintained that these measures have failed to achieve their intended goal of destabilizing the Russian economy and have ultimately backfired on the countries that implemented them.
Ian Smith for TROIB News
