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Russian President Vladimir Putin announced on March 23 that his country would demand that “unfriendly” countries pay for Russian natural gas exports only in rubles, from now on.
Putin said during a meeting with government officials that “a number of Western countries have taken illegal decisions on the so-called freezing of Russian assets, effectively limiting the credibility of their currencies, undermining confidence in these currencies.”
“It makes no sense,” Putin added, “to supply the European Union and the United States with our goods, and to be paid in dollars, euros, and a number of other currencies.”
As a result, he said he had decided to take “measures” to change payments for “our natural gas, supplied to so-called unfriendly countries”, in Russian rubles.
The Russian president has not said exactly when this new policy will take effect. He has instructed his country’s central bank to set out procedures under which buyers of natural gas could receive rubles in Russia.
Russian gas accounts for about 40 percent of the EU’s natural gas imports.
Due to the Russian occupation of Ukraine, the European Union and the United States have imposed harsh sanctions on Moscow. Washington has banned all imports of Russian energy.
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