For gas delivery to Europe, Russia will only receive rubles: Vladimir Putin

“I have decided to implement a set of measures to transfer payment for our gas supplies to unfriendly countries into Russian rubles,”

President Vladimir Putin announced on Wednesday that Russia will only accept ruble payments for gas supply to “unfriendly countries,” which include all EU members, following extraordinary sanctions imposed on Moscow over Ukraine.

“I have decided to undertake a package of measures to convert payment for our gas supplies to hostile nations into Russian rubles,” Putin said during a televised government meeting, ordering the moves to take effect within a week.

He stated that Russia will no longer accept payments in “compromised” currencies.

“Russia will continue to supply gas in the quantities specified in previous contracts,” Putin stated.

The freezing of Russia’s assets overseas, according to Putin, is also “illegitimate.”

He claimed that the US and the EU have declared a “true default” on their responsibilities to Russia.

“Everyone in the world now understands that debts in dollars can be defaulted on,” Putin stated.

The ruble rose against the US dollar and the euro immediately following the news.

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