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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Комментарии
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Russia should just shut down the pipeline UNTIL Russia see cold hard cash delivered to them.

lancewood
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Do it. They will pay the price, for the insult to Russia.

theia
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Petro Dollar AND Petro Yuan : Welcome to the Petro Ruble .
💪🇷🇺❤️

noneshere
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Respect to russia for being kind yet firm in its dignity in business

snowmoon
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West weaponized dollar/euro, Russia gonna do the same with their resources. Brilliant move from Russia.

kenjii
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No matter we like Putin or not., Putin is doing a good job to protect Russia economy, strengthen rubble.

wongkokpey
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Wow, just wow..Standing ovation for President Putin .We respect you for your intelligent & wise decision..Much love from India..

ginamichael
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Five stages of grief:
denial.
anger.
bargaining.
depression.
paying in rubles.

wtf_usa
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It was Western who wanted a war not Putin...

ck-bsms
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Imagine moving energy across entire oceans with an extremely non-efficient way of moving energy while your neighbor only asked you to pay for gas with their currency. Container ships use up to 60, 000 gallons of fuel per day. Russia is going to just offset their fuel to the other 140+ countries that didn't sanction them with reduced prices.

Lena-vwye
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I love people who can stand by their words, huge respect

Janasartgallery
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A decision that is unquestionably justified and supported in the context ❤️🇷🇺

anihcgno
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Go ahead Russia. We want to see fairness in the new world order and to support the world hero named Vladimir Putin to fulfill it.

suratpongpipatpanich
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Lesson to be learned for EU .
Don't act arrogance, greedy and most importantly of all... Never follow AMERICA bcoz it's ..
FATAL @ PERILOUS !!!!

mamacryright
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What's so shocking about this ? It's the seller that's determines how he want's to be payed for whatever it is he is selling .

KD-cgiq
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The issue is simple. In kicking Russia out of SWIFT and freezing Russian reserves with European banks Euro is just another piece of funny money totally useless to Russia.
To insist on continuing to pay in Euro would mean that EU expect Russia to deliver gas FOC.

wongcy
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sanctions are useless when it's just abandoning Biolabs.

jd
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a man that stands up for his country best interests

robertbolding
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Let this be a lesson for European countries to have their own independent foreign policy instead of being the USA’s lapdogs.

broly
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Applauds President Putin decision.... 👏

planetm