“Everything will be fast, clear, understandable... These are new rules, they need to be followed. Although, I repeat once again, de facto nothing will change for European companies… They will pay, as they used to, in euros, the same currency that is indicated in the contracts. But at the same time, the final payment will go to the seller – Gazprom – in rubles,” Peskov explained. To break it down, Russia’s new gas payment mechanism demands that buyers from ‘unfriendly’ countries that have placed sanctions on Moscow open ruble accounts in an authorized Russian bank, Gazprombank. Buyers will then transfer gas payments to the bank, which it would sell on the exchange for rubles, credit to the buyers’ ruble account, and transfer the funds to the gas provider.
Peskov called the new mechanism a “prototype system” of payments in rubles, adding that gas may soon not be the only Russian export that offers such settlements.
I'm guessing that one benefit of this scheme might be that since Western companies will be forced to exchange euros to rubles on the Moscow market (seemingly at one particular bank), perhaps an arbitrary exchange rate can be imposed on them, making the price vary as Russia sees fit (though I'm not sure if the long-term contracts really allow that.)
But besides that putative advantage, it seems that instead of the euros going to Gazprom, they'll be left with Gazprombank. I know that the latter hasn't been sanctioned (unlike the central bank) precisely because so such payments can be made, but has Gazprom itself been sanctioned and can't spend/transfer euros? If not that, what advantage is there with the euros being kept by Gazprombank instead of Gazprom?