Dutch court orders ING to maintain banking services for Gazprom

ING Gazprom Amsterdam court banking sanctions energy sector

An Amsterdam court has prohibited the Dutch bank ING from closing the accounts of Gazprom International Projects, a subsidiary of the Russian energy giant. The ruling mandates that ING must continue providing services until the company secures an alternative banking relationship within Europe.

ING had previously announced its intention to terminate the relationship in December 2023, citing risks related to sanctions, potential money laundering, and reputational damage following the invasion of Ukraine. While the bank noted that the specific subsidiary is not officially sanctioned by the European Union, it argued that the company’s state-controlled nature and role in the energy sector necessitate costly and constant monitoring.

Gazprom argued that the closure would prevent it from meeting essential financial obligations, including tax payments to Dutch and British authorities, as well as employee salaries. The court found that Gazprom had made sufficient efforts to find another bank and noted that ING provided insufficient evidence regarding specific money laundering risks. The decision ensures the subsidiary maintains its only existing means of payment in Europe for the time being.

Entities

Amsterdam · Amsterdam Court · European Union · Gazprom · Gazprom International Projects · ING · Netherlands

Claims

What the coverage asserts, and how many sources carry each claim.

[● 4 SOURCES] Gazprom is not officially sanctioned by the European Union. businessam.be · nos.nl · safenews.md · hotnews.ro
[● 5 SOURCES] ING must continue services until Gazprom finds an alternative European bank. businessam.be · hotnews.ro · nos.nl · safenews.md · news.yam.md
[● 4 SOURCES] Gazprom stated it could not meet financial obligations without the ING account. businessam.be · nos.nl · safenews.md · hotnews.ro
[● 3 SOURCES] ING informed Gazprom of its intention to cease services in December 2023. hotnews.ro · nos.nl · safenews.md
[● 2 SOURCES] The court found ING had insufficient evidence of money laundering risks. businessam.be · nos.nl
[● 4 SOURCES] ING argued that Gazprom poses money laundering and sanction risks. businessam.be · hotnews.ro · nos.nl · safenews.md
[● 5 SOURCES] An Amsterdam court prohibited ING from closing Gazprom's bank accounts. businessam.be · hotnews.ro · nos.nl · safenews.md · news.yam.md
[● 2 SOURCES] Gazprom reported that 15 banks have refused to open accounts for them. hotnews.ro · safenews.md