Court keeps Gazprom bank account open after ING’s notice
A Dutch court has ruled that the Gazprom bank account at ING must stay open until the company opens another European bank account.
ING cannot close the Russian energy company’s account until it finds another European bank, despite the lender’s risk concerns.
A Dutch court has barred ING, the Dutch banking group, from closing Russian energy company Gazprom’s account. The account must stay open until Gazprom obtains another European bank account.
ING sought to end the relationship over sanctions exposure, money laundering risks and concerns about its reputation. However, the court found no concrete evidence of money laundering risks. Gazprom is not on the European sanctions list cited in the report.
The dispute and ruling appear in reporting by NOS, the Dutch public broadcaster. Gazprom said it had failed to find another European bank. It needs the account to meet obligations, including taxes and wages for European employees.
Why ING wanted to close the account
ING gave notice that it would end the banking relationship in late 2023. That followed Russia’s invasion of Ukraine. The bank pointed to risks linked to keeping Gazprom as a customer.
Those concerns covered sanctions exposure as well as possible money laundering. ING also cited the potential harm to its reputation. However, citing those concerns did not secure the outcome the bank wanted.
The bank later postponed the account closure. It then intended to proceed on 1 October. Gazprom challenged that move in court, arguing that it had no other European account available.
The court accepted the company’s argument about its lack of an alternative. As a result, ING cannot close the account while that remains the case. The decision ties closure to Gazprom obtaining another European account, rather than a fixed date.
What the court’s decision covers
The ruling keeps the banking relationship in place until Gazprom opens another European account.
The case turns on ING’s attempt to close an existing account. Gazprom’s lack of another European bank account mattered to the outcome. So did the court’s finding about the evidence of money laundering risks.
The report says Gazprom does not appear on the European sanctions list it describes.
Why access to the account matters
Gazprom told the court that it could not find another European bank. Without an account, it said, it could not meet obligations such as paying taxes for or wages to European employees.
The account therefore serves a practical purpose beyond holding money. It gives the company a way to make payments it owes. The court’s decision preserves that access while the company lacks an alternative European account.
For ING, the decision prevents it from closing the account despite its stated concerns. For Gazprom, it prevents the loss of its existing account for now.
