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Russia to terminate gas supply contracts if 'unfriendly' buyers refuse to pay in rubles
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Russian President Vladimir Putin has signed a decree stating buyers "must open ruble accounts in Russian banks" from Friday.
Putin's demand is being seen as an attempt to boost the ruble, which has been hit by Western sanctions.
His decree means foreign buyers of Russian gas would have to open an account at Russia's Gazprombank and transfer euros or US dollars into it.
Gazprombank would then convert this into rubles which will then be used to make the payment for gas.
According to the decree signed on Thursday, Russia's central bank will determine within 10 days the rules and procedures for opening special currency accounts for foreign gas buyers.
Putin instructed the Russian government and the central bank to work out countermeasures in response to sanctions against Russia.
He said the West will not abandon its policy of exerting pressure on Russia and will look for new excuses to impose additional sanctions.
Some EU countries have voiced opposition to Russia's new rules on gas trade.
The EU gets about 40% of its gas and 30% of its oil from Russia, and has no easy substitutes if supplies are disrupted.
Meanwhile, Russia currently gets €400m (£340m) per day from gas sales to the bloc and it has no way of rerouting this supply to other markets.
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Putin's demand is being seen as an attempt to boost the ruble, which has been hit by Western sanctions.
His decree means foreign buyers of Russian gas would have to open an account at Russia's Gazprombank and transfer euros or US dollars into it.
Gazprombank would then convert this into rubles which will then be used to make the payment for gas.
According to the decree signed on Thursday, Russia's central bank will determine within 10 days the rules and procedures for opening special currency accounts for foreign gas buyers.
Putin instructed the Russian government and the central bank to work out countermeasures in response to sanctions against Russia.
He said the West will not abandon its policy of exerting pressure on Russia and will look for new excuses to impose additional sanctions.
Some EU countries have voiced opposition to Russia's new rules on gas trade.
The EU gets about 40% of its gas and 30% of its oil from Russia, and has no easy substitutes if supplies are disrupted.
Meanwhile, Russia currently gets €400m (£340m) per day from gas sales to the bloc and it has no way of rerouting this supply to other markets.
__________________
Powered by Shanghai Media Group, ShanghaiEye focuses on producing top-quality content for Facebook, Twitter, Instagram and Youtube.
Nobody knows Shanghai better than us.
Please subscribe to us ☻☻☻
__________________
For more stories, please click
■ What's up today in Shanghai, the most updated news of the city
■ Amazing Shanghai, exploring the unknown corners of the city, learning the people, food and stories behind them
■ What Chinese people's lives are like during the post COVID-19 period
■ Views of foreign scholars on China and its affairs
■ Foreign faces in Shanghai, people living in this city sharing their true feelings
■ Mini-docs showing why China is the country it is today
__________________
☎Leave us messages if you have any suggestions or questions!
Thank you!
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