Russian lawmakers on Wednesday passed an amendment to the tax code that they said would make it easier for foreign companies to open accounts with Russian banks and pay for Russian gas and other goods in roubles.
Russian President Vladimir Putin last month signed a decree demanding foreign buyers pay for gas in roubles or else have their supplies cut. He said this was needed because if they paid in hard currency, Western sanctions over Ukraine would prevent Moscow from accessing the money.
In practice the measure requires foreign gas buyers to open rouble and hard currency accounts at Gazprombank, which will receive their payments in foreign currencies and convert them into roubles via auctions on a Moscow exchange.
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