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Putin says Russian gas must be paid for in roubles from Friday -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – Russian President Vladimir Putin meets with members of the government via videolink at Novo-Ogaryovo State Residence outside Moscow, Russia on March 23, 2022. Sputnik/Mikhail Klimentyev/Kremlin via REUTERS

(Reuters] -Russia’s President Vladimir Putin stated on Thursday that he has signed a decree requiring foreign purchasers to pay in roubles per month for Russian gas. If these payments are not received, contracts will be canceled.

Russian citizens must have rouble accounts opened in Russian banks to be able to buy Russian gas. In televised comments, Putin stated that gas deliveries will begin tomorrow from these accounts.

We will treat non-payments as default by buyers and impose all consequences. We don’t sell anything to you for nothing, nor do we intend to give charity. Existing contracts will also be terminated.

Putin’s move to make rouble payments to gas have boosted Russia’s currency. It was at historic lows after the West applied severe sanctions to it following his February 24th invasion of Ukraine.

Western governments and businesses have rejected the idea as violating existing contracts. They are in euros or dollars.

Putin stated that the change was intended to increase Russia’s sovereignty and to ensure it adheres to all its contracts. Russia provides about one third of Europe’s gas.

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