Business · Companies · 6 hrs ago
Court bars ING from closing Gazprom’s bank account
A judge has stopped ING from closing Gazprom’s account at the bank.
ING has sought to end ties with customers linked to Russia since Russia’s invasion of Ukraine, citing sanctions, money-laundering and reputational risks.
Gazprom is not on the sanctions list, but ING ended its business relationship with the company in late 2023.
Without another European bank account, Gazprom says it cannot pay taxes or wages for its European operations.
The judge found no concrete evidence of money-laundering risks and agreed that ING cannot close the account now.
Gazprom can stay with ING until it opens another European account, which it says it has been unable to find.
ING has also struggled to sell its Russian business because the proposed buyer has not received approval from Russian authorities.
A court has barred ING from closing Gazprom’s bank account, allowing the Russian energy company to remain a customer for now.
Gazprom can stay with ING until it opens another bank account in Europe.
ING says Gazprom poses sanctions, money-laundering and reputational risks, but the court said there was no concrete evidence of money-laundering risks.
Gazprom went to court because it said it had been unable to find an alternative European bank account.
- Who
- Gazprom and ING.
- What
- A court barred ING from closing Gazprom’s bank account.
- When
- The ruling was reported on October 19, 2026. ING had planned to end the relationship on October 1.
- Where
- The account is with ING; Gazprom sought another account in Europe.
- Why
- Gazprom said it could not find an alternative European account. ING cited risks linked to sanctions, money laundering and reputational damage.
Gazprom
ING
Account closure
Gazprom
Gazprom sought to prevent ING from ending the relationship because it said it could not find another European bank account.
ING
ING wanted to end its relationship with customers linked to Russia.
Risk assessment
Gazprom
The court found no concrete evidence of money-laundering risks.
ING
ING said Gazprom posed sanctions and money-laundering risks and could damage its reputation.
ING decided it no longer wanted customers linked to Russia, including Gazprom.
ING gave notice that it was ending its business relationship with Gazprom.
ING planned to proceed with ending the contract after delaying the termination.
NOS reported that a court had barred ING from closing Gazprom’s account.
- Bank
- ING
- Customer
- Gazprom, a Russian energy company
- Account status
- Gazprom can remain with ING until it opens another European account
- Notice of termination
- End of 2023
- Planned contract termination
- October 1, 2026
- Court finding
- No concrete evidence of money-laundering risks