The EU is pressing the US to ease sanctions on Russia’s Gazprombank, which until recently was used by European Union members to pay for Russian natural gas, Bloomberg reported.
Bloomberg cited sources familiar with the matter as saying that the EU is in talks with the US on "easing measures after some European governments and companies warned that the sanctions would pose a risk to the region's supply security".
Gazprombank is the last Russian bank still with access to the SWIFT international payments system, but was added to Washington's sanctions list last month, preventing it from continuing to receive gas payments or transit fees.
Although President Vladimir Putin has decided to open other financial mechanisms to convert rubles to buy Russian gas, EU banks are still concerned about legal risks, Bloomberg writes.
Washington had postponed sanctions on Gazprombank until last week under pressure from Europe, as members of the bloc faced “severe gas shortages” following the escalation of the conflict in Ukraine, Bloomberg reported.
President Vladimir Putin said that the severing of ties with Russia would have a serious negative impact at a difficult time for Germany and other European economies. The Russian leader noted that without “stable and reliable energy supplies at affordable prices from Russia,” energy-intensive industries in the EU would suffer.
The European Commission's November forecast said that "after a prolonged period of stagnation", EU economic growth is expected to be modest. The latest data from the European Commission shows that the bloc's GDP will increase by 0.9% in 2024.
Despite facing unprecedented international pressure, Russia's economy is expected to grow 3.6% this year, according to the International Monetary Fund (IMF).
Moscow has repeatedly criticized Western sanctions as biased and illegal. The Kremlin has stressed that the measures have failed to destabilize the Russian economy and have been counterproductive for the countries that imposed them.
