Financier predicts damage to European economies from US sanctions against Gazprombank

Europe will bear the brunt of the sanctions against Gazprombank. Denis Astafiev, founder of the investment company SharesPro, told Izvestia on November 21.

Earlier in the day Gazprombank fell under US sanctions, the updated list of which was published on the website of the US Office of Foreign Assets Control (OFAC, a division of the US Treasury Department responsible for sanctions enforcement).

The financier noted that the imposition of new sanctions on Gazprombank does not mean its imminent disconnection from the SWIFT payment system, but he added that this probability is increasing. Astafiev emphasized that Gazprombank was not included in the sanctions list for a long time, as it played an important role in paying for energy supplies, including gas, to Europe. It made payments under the exemptions, which was considered important for a stable European energy sector.

According to the founder of the investment company, the current actions of the United States demonstrate its influence in the region. He called the imposition of sanctions a political move that will hurt the European economy more than the Russian economy.

"The main blow from the new restrictions will fall on Europe, especially ahead of the winter season. The question of how EU countries will pay for Russian gas supplies is becoming particularly urgent. Compromises and alternative solutions will probably be found," Astafiev added.

In addition, the financier pointed out that such actions of the US are aimed at promoting its liquefied gas to Europe, which will reduce their dependence on Russia. This geopolitical maneuver, in his opinion, confirms their desire to strengthen their influence in the European energy market.

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Also on this day, Russian Foreign Ministry spokeswoman Maria Zakharova said that Russia will not do charity and supply gas to Austria after non-payment by oil and gas company OMV for the supplied fuel. She recalled that the decision to reduce gas pumping in September 2022 was conditioned by the undermining of the Nord Stream pipeline and the stoppage of transit through the Yamal-Europe pipeline, but these factors went unheeded.

Prior to that, on November 15, Austria's OMV Gas Marketing & Trading GmbH (OMV) said it expected Gazprom Export to stop supplying gas. On November 14, gas prices in Europe reached their highest level in the past year after Austrian group OMV warned of possible supply disruptions from Russia.

In October, Gazprom CEO Alexei Miller said at a plenary session of the St. Petersburg International Gas Forum that Europe's gas market policy could lead to a new gas price shock and supply disruptions. He called the situation on the European gas market bad and agreed with the assessment that the demand for energy resources there is being destroyed purposefully.