A Dutch court has barred ING from closing the bank account of Gazprom International Projects B.V., allowing the Dutch subsidiary to remain a customer until it secures another banking provider. The Amsterdam District Court granted the interim order on October 19, 2026, citing an approaching statutory right to a basic business payment account..The company argued that losing the account would prevent it from meeting obligations to British and Dutch tax authorities and paying employees and lawyers. It said it had approached at least 15 other banks without finding a replacement..Its continuing need for banking services also relates to North Sea gas operations. Russian legal publication Pravo.ru reported that a gas-production project in which the subsidiary participates was expected to finish by mid-2028. BNR separately reported that only one of the Gazprom group’s former 25 Dutch bank accounts remained open..ING’s arguments for closureING had sought to end the relationship as part of its retreat from Russia-linked business following Russia’s invasion of Ukraine. According to NOS, the bank gave notice in late 2023 and repeatedly postponed closure to allow the company to find an alternative, before setting October 1, 2026, as its latest deadline. It cited sanctions exposure, money-laundering concerns and potential reputational damage.The dispute also involved an earlier agreement that ING said supported its position. According to Pravo.ru, the bank argued that the subsidiary’s director had signed a letter in August 2025 agreeing to closure by December 31 that year. ING also cited the cost of compliance monitoring and suggested seeking banking services in Turkey, the United Arab Emirates, Serbia, Austria or Hungary.The judge accepted that ING’s sanctions and reputational concerns were legitimate, according to BNR’s account of the ruling. However, the subsidiary itself was not sanctioned, and the bank had not identified suspicious transactions. NOS likewise reported that the court found no concrete evidence supporting the asserted money-laundering risk and accepted the company’s difficulties in finding another bank..A banking right not yet in forceA forthcoming change to Dutch law weighed heavily in the decision. The legislation introduces Article 4:71k of the Financial Supervision Act, providing eligible EU businesses, associations and foundations registered in the Netherlands with access to a basic euro-denominated payment account. The Dutch Banking Association said in July that it expected the provision to take effect on January 1, 2027.The court’s published summary expressly identifies that approaching entitlement as the reason it considered closing the account inappropriate. BNR reported that the company’s lawyers argued that terminating the relationship now would make little sense when the subsidiary could shortly seek a basic account under the new rules.ING had not announced whether it would appeal as of BNR’s October 20 report..ING’s own Russian exit remains complicatedSeparately, ING’s effort to leave Russia suffered a setback earlier this year. On April 7, the bank announced that it had terminated its agreement to sell ING Bank Eurasia to Global Development, saying it saw no realistic prospect of the buyer obtaining the necessary approvals. ING said it remained committed to leaving the Russian market and had taken on no new business with Russian clients since February 2022.The bank’s Russian activities have also drawn parliamentary scrutiny. In answers published on April 29, the Dutch government urged Western lenders to exercise caution with Russia-related transactions but said sanctions were not intended to eliminate all trade and payments with the country. It expressed a preference for transactions that remained lawful to pass through regular banks, warning that closing those channels entirely could push payments into arrangements that were harder to monitor..Croatian Court Approves Nord Stream Blast Suspect’s Extradition to Germany.EU Waives Methane Penalties for Oil and Gas Firms Amid Supply Concerns.EU approves €90bn Ukraine loan and 20th Russia sanctions amid energy rifts
