Dutch bank forced by court to keep Gazprom account open

Following the Russian invasion of Ukraine, ING announced it would cease doing business with entities linked to Russia, including Gazprom, due to perceived sanctions and reputational concerns. Gazprom contested the termination, arguing that the loss of a European account would hinder its ability to pay taxes and salaries for staff in Europe. The bank sought to end the relationship but was denied by a judge, who found no solid proof of money-laundering risks.

The ruling obliges ING to keep the account active while Gazprom searches for another European banking partner. Earlier, ING had tried to postpone the closure to give Gazprom time to find a replacement, but the court’s decision now blocks the termination. The case highlights the challenges banks face in navigating sanctions while maintaining essential services for large corporations.