Putin Proposes Gas Bank to Bypass Western Energy Sanctions
Vladimir Putin urged gas-exporting nations to coordinate deliveries and create a dedicated Gas Bank to finance infrastructure outside the Western banking system.
President Vladimir Putin hosted the eighth Summit of the Gas Exporting Countries Forum (GECF) in Moscow on October 27, 2026, where he proposed a series of initiatives to insulate the global gas market from Western influence. Putin called for the creation of a Gas Bank, modeled after the BRICS New Development Bank, to provide long-term financing for infrastructure projects in Africa and other regions using national currencies to bypass the SWIFT network.
During the summit, Putin urged GECF members to coordinate deliveries and implement mutual swap operations to stabilize supply chains and circumvent Western energy blockades. He condemned the European Union's decision to phase out Russian imports, arguing that rejecting long-term contracts has caused skyrocketing costs for European industry and households. Putin further alleged that direct terrorist acts were committed against Russian pipelines supplying Europe.
To reduce dependence on the U.S. and EU, Putin highlighted Russia's technological autonomy in drilling and liquefaction, offering these solutions to the Global South. He also proposed an interaction mechanism similar to the OPEC Plus format to manage market volatility. Despite the rhetoric against the West, Putin revealed that Russia is exploring potential Arctic energy cooperation with American companies following talks with White House special envoy Steve Witkoff.
The summit concluded with the Moscow Declaration, which defines natural gas as a pillar of global energy and food security. Senegal officially joined the GECF during the proceedings, while Secretary General Philip Mshelbila projected that liquefied natural gas will account for 64% of international gas trade by 2050.
