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Russian Deputy Prime Minister Novak: “Half of Gazprom’s customers opened a ruble account”

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Russian Deputy Prime Minister Aleksandr Novak, in his speech at the “New Horizons” event held in the capital Moscow, made evaluations about the processes between Russia and Western countries in the power section.

Stating that the Nord Stream 2 natural gas pipeline border was frozen due to political reasons, Novak said, “For these political reasons, I do not think that the border will be operational in the near future. However, European consumers need cheap, low- carbon resources, including natural gas. I assume there will be demand for the project in the future.”

Noting that Russia’s oil production decreased by 1 million barrels per day in April, Novak said, “We increased our production at the level of 200 to 300 thousand barrels per day in May. We will continue to recover in June.”

Novak noted that the US oil production is expected to increase by 1 million barrels per day this year, and that the increase in question is lower than in the past.


Commenting on the “natural gas payment system in rubles” that Russia put into practice and causing controversy in Europe, Novak said, “There are about 54 large, medium and small-sized companies that have contracts with Gazprom Export. As far as I know , half of these customers have a ruble account.

Novak mentioned that they had to switch to the ruble payment system for natural gas in order to secure their export revenues.


Russia enacted the decree on April 1, which stipulates that unfriendly countries should open foreign currency and ruble accounts at Gazprombank and make their payments in rubles.

Exporting countries importing power from Russia will primarily transfer the payment to their foreign currency accounts at Gazprombank, and Gazprombank will convert this currency into Russian rubles and transfer it to their ruble accounts. Subsequently, the payment will be transferred to the account of the supplier company and if the money is not deposited into the account in the mentioned bank, natural gas will be cut off.

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