(Reuters) – Russia intends to change its gas sales from “unfriendly” nations to roubles. He was responding to a ban on Russia by other countries over Ukraine’s events that he said have destroyed Moscow’s trust.

The dependence of European countries on Russian gas and other imports is now in the forefront of attention after Russia deployed tens to thousands of troops into Ukraine on February 24, as part of a special operation it described to reduce its Southern neighbour’s military capabilities, and eliminate dangerous nationalists.

Putin spoke at a meeting with high-ranking government ministers and said that Russia would continue to supply according to volumes and prices “previously concluded” contracts.

He said that only the change will affect payment currency, which will now be converted to Russian roubles.

Putin claimed that Russia’s central bank and government would have to find a way to transfer these operations to Russian currency within one week. Gazprom, the largest gas company in the world (MCX:), will be required to adjust gas contracts accordingly.

Gazprom reported that 58% (of its natural gas exports to Europe, and other countries) were settled using euros as of Jan. 27, 2012. The gross sales of US dollars were 39%, and those made in sterling, 3%.

Around 40% of Europe’s gas consumption comes from Russia.

Putin stated that a transparent and understandable process for making payments must be established for all foreign buyers, including those who purchase Russian rubles on the domestic currency exchange.

The West has placed severe sanctions against Russia to try to get it to pull out its troops. However, Ukrainian forces are resisting Russia’s actions.

Russia has compiled a list of countries that are “unfriendly”, which corresponds to the ones who have imposed sanctions. A government committee must approve all deals that are made with individuals or companies from these countries.

This list includes members of the United States and European Union, Britain, Japan Canada, Norway, Singapore South Korea, Switzerland, Ukraine, Canada, Norway, Singapore and South Korea.