Foreign buyers of Russian natural gas will now have to pay in Russian rubles

Putin orders to switch to Russian rubles in payments for natural gas

Russian President Putin made a decision to switch to rubles in payments for gas supplies to Europe as soon as possible, RIA Novosti reports.

According to the head of state, Russia will refuse to accept payment for natural gas supplies in compromised currencies, including the US dollar and the euro.

"I have decided, within the shortest time possible, to implement a set of measures to convert payments — let's start with this — for our natural gas supplied to so-called unfriendly countries into Russian rubles,” Putin said during a meeting with the government.

Putin instructed the Central Bank and the government to determine the procedure for consumers of the Russian natural gas to purchase the Russian currency on the domestic market.

Russia will continue supplying natural gas in volumes and pricing principles concluded in the contracts. It is only the payment currency that is going to change, he said.

Against the backdrop of Putin's statement, the value of the US dollar fell below 100 rubles during the trading session on the Moscow Exchange on March 23.

The price of natural gas in Europe rose to almost $1,350 per thousand cubic meters after Putin's instructions to accept payment for gas from unfriendly countries in rubles.

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Author`s name Editorial Team
Editor Dmitry Sudakov