[agere_contra]

It's the same operation,but passing through an extra, unsanctioned node.

Option 1:

Germany gives Euros to the Bank of Russia to buy Rubles, then uses those Rubles at Gazprombank to buy Oil.

Or

Option 2:

Germany gives Euros to GazpromBank, GazpromBank buys Rubles from the Bank of Russia with those Euros, and gives Germany the Oil.

In either case:

Germany still loses euros and gains Oil.

Gazprom still loses Oil and gains Rubles.

The Bank of Russia still gains Euros and loses Rubles.

Because the direct link between Germany and the Russian Central Bank has been cut the second option has to be used. But the outcome seems to be no different.

[agere_contra]

Option 1:

Germany gives Euros to the Bank of Russia to buy Rubles, then uses those Rubles at Gazprombank to buy Oil.

Or

Option 2:

Germany gives Euros to GazpromBank, GazpromBank buys Rubles from the Bank of Russia with those Euros, and gives Germany the Oil.

Or

Option 3:

Germany gives Rubles to GazpromBank, GazpromBank gives Germany the Oil.

In all cases:

Germany still loses euros and gains Oil.

Gazprom still loses Oil and gains Rubles.

The Bank of Russia still gains Euros and loses Rubles.

Note that Option 3 assumes that the Germans have already brought Rubles with Euros and have stored them.

Right now I guess the Germans do not store Rubles. But if Rubles become a rising store of value then this may change. This is the situation that Putin seeks to achieve.