Putin announced,” Foreign buyers should pay in Ruble for gas or else Contract would be halted”
Russian President Vladimir Putin announced in a meeting that he has signed a decree saying that Foreign countries that are ready to buy gas from Russia should Pay in Ruble from April 1 if not Contract would be stopped.
After Russia invaded Ukraine, Many countries imposed sanctions on Russia and in the end, the value of the Russian currency fell historically low. To prevent this condition from worsening, Putin signed a decree saying that the contracts will be halted if the payments for gas were not made in Ruble by foreign buyers.
Putin said, “To Purchase Russia’s natural gas, they must open Ruble accounts in Russian banks. It is from these accounts that Payments will be made for gas delivered starting from tomorrow.” He further added, “If such payments are not made, we will consider this as a default on the part of buyers with all the ensuing consequences. Nobody sells us anything for free and we are not going to do charity either that is existing contracts will be stopped.”
He said that this is to Strengthen the Power of the Russian Currency and will never back off from ending the contracts if the foreign buyers violate this decree.
European countries have started this decree as “Putin’s Blackmail” and breached the already existing contacts. Germany heavily dependent on Russia for fuel told they were prepared for this kind of scenario since the Russian invasion of Ukraine and accused Putin that he is trying to divide Europe.
Germany and France have already rejected this demand and will continue to pay only in Euros and dollars.
