₦airaland Forum

The change will affect energy exports to "unfriendly countries"

Russia will now accept payment for gas exports to "unfriendly countries" in rubles only, President Vladimir Putin said at a meeting with the government on Wednesday.

The president explained that Russia plans to abandon all “compromised” currencies in payment settlements. He added that illegitimate decisions by a number of Western countries to freeze Russia’s assets destroyed all confidence in their currencies.

“I have decided to implement in the shortest possible time a set of measures to change the payments for – yes let’s start with this – for our natural gas supplied to the so-called unfriendly countries in Russian rubles, that is to stop using all compromised currencies for transactions,” the Russian president said.

"It doesn't make sense to deliver our goods to the EU and the US and get paid in dollars and euros," he added.

Moscow warns Europe of energy market collapseREAD MORE: Moscow warns Europe of energy market collapse
Putin gave the Central Bank and the government a week to determine the procedure for operations for buying rubles on the domestic market for importers of Russian gas.

The president added that Russia will continue to supply gas in accordance with the volumes and pricing principles of the contracts. Only the currency of payment will change.

The announcement caused a spike in the cost of contracts for gas supply at the TTF European hub, Forbes Russia quoted data from the Intercontinental Exchange as indicating. During Wednesday’s trading, the gas price rose from €97 per megawatt hour (MWh) to approximately €108.5 per 1MWh, but after the president’s speech, it jumped by another €10 to €118.75 per 1MWh, before retreating to €114 per 1MWh as of 1pm GMT.

In the past month, Russia has been hit with several rounds of unprecedented international sanctions over its military operation in Ukraine. The US, EU, and their allies have cut off the country from their financial systems, limited dollar and euro transactions, and froze roughly $300 billion in Russian forex reserves abroad, among other measures. At the same time, they have continued to buy Russian oil and gas.

https://www.rt.com/business/552546-putin-wants-rubles-russian-gas/

Walaii.... This man no just get sence. Prior to his invasion on Ukraine, a lot of people don't even know the unit of Russian currency.

Swallow your pride and allow peaceful negotiable approach to this your madness Because, as it stands you have put your country into retrogression economically

Nice one

An eye for an eye

Very good move

naijapower:
The change will affect energy exports to "unfriendly countries"

Russia will now accept payment for gas exports to "unfriendly countries" in rubles only, President Vladimir Putin said at a meeting with the government on Wednesday.

The president explained that Russia plans to abandon all “compromised” currencies in payment settlements. He added that illegitimate decisions by a number of Western countries to freeze Russia’s assets destroyed all confidence in their currencies.

“I have decided to implement in the shortest possible time a set of measures to change the payments for – yes let’s start with this – for our natural gas supplied to the so-called unfriendly countries in Russian rubles, that is to stop using all compromised currencies for transactions,” the Russian president said.

"It doesn't make sense to deliver our goods to the EU and the US and get paid in dollars and euros," he added.

Moscow warns Europe of energy market collapseREAD MORE: Moscow warns Europe of energy market collapse
Putin gave the Central Bank and the government a week to determine the procedure for operations for buying rubles on the domestic market for importers of Russian gas.

The president added that Russia will continue to supply gas in accordance with the volumes and pricing principles of the contracts. Only the currency of payment will change.

The announcement caused a spike in the cost of contracts for gas supply at the TTF European hub, Forbes Russia quoted data from the Intercontinental Exchange as indicating. During Wednesday’s trading, the gas price rose from €97 per megawatt hour (MWh) to approximately €108.5 per 1MWh, but after the president’s speech, it jumped by another €10 to €118.75 per 1MWh, before retreating to €114 per 1MWh as of 1pm GMT.

In the past month, Russia has been hit with several rounds of unprecedented international sanctions over its military operation in Ukraine. The US, EU, and their allies have cut off the country from their financial systems, limited dollar and euro transactions, and froze roughly $300 billion in Russian forex reserves abroad, among other measures. At the same time, they have continued to buy Russian oil and gas.

https://www.rt.com/business/552546-putin-wants-rubles-russian-gas/

This makes sense..... The World economy is designed to make the dollar stronger

He is not the sole supplier of gas.

This strategy will cause the Ruble to appreciate and ensure stability of the russia economy. As Germany, and other EU nations will have to source for Ruble to pay for gas.

Trading in Ruble has always been the desire of Putin and russia.

The reason why the US attack Iraq, Libya, Syrie etc was because they wanted to abandon the use of dollar for trade.

Some smart bloke is messing with Putin's head.

If Russia will only accept Rubble, that means the buyers must get Rubles somehow.
Since buyers can't print their own Ruble, they have to buy it and guess with what currency?
Euro or Dollar of course and we are back to square one.

While this move will prop up the value of Ruble a bit, it won't save Russia's economy in the long run
should the invasion continue.

Nigerians exposing their ignorance as usual

Dead on arrival

Hezzyluv:
Walaii.... This man no just get sence. Prior to his invasion on Ukraine, a lot of people don't even know the unit of Russian currency.

Swallow your pride and allow peaceful negotiable approach to this your madness Because, as it stands you have put your country into retrogression economically

Better swallow your pride and go and buy rubles if you want to purchase Russian gas.

mployer:
He is not the sole supplier of gas.

Biafra won’t allow you lift their gas.

BloomingDale:
Better swallow your pride and go and buy rubles if you want to purchase Russian gas.

Lol....
The one wey dey warri plenty and n fuel cost8)

....

Walahi putin dey NL

Putin is back to back giving it hot to the gang of bandit imperialists. US and EU right now

H

O

It depends how much countries hold in Rubles. If the countries don't have enough - it means they can't buy gas and oil (presumably excepting anything already agreed/contracted in £,$ etc). For Putin - his economy is in free fall - this could (temporarily) increase the value of the Ruble.

It means countries will have to buy Rubles from others, thereby driving up the price. It would be the same impact as Russia buying Its own currency - but because of its foreign reserves being frozen it can't do. This is less of a retaliation and more a necessity for Russia.

Germany has announced that their companies won't be leaving Russia and they have no alternative to Russian gas.
Germany is currently planning on building an LNG terminal which we enable companies import LNG from Qatar on condition that China which has payed ahead agrees to resell certain quantities

The guy is feeling the heat

Ok

Ewooo just imagine every nation demanding to be pay with their currency that one mean say USA go enter one corner dance

mployer:
He is not the sole supplier of gas.

Lol keep talking crap

Here in Naija diesel has hit N800/liter even manufacturers are groaning

Keep deceiving yourself

Best way out for Russia

The US weaponization of the dollar will be it's undoing

SocialJustice:
What's good about the move? Who do you think will stress to meet such demands when other countries have gas to sell.

Putin is a stupid man and it is getting clearer for the world to see.

So says an African US asslicker

Biafran4life:
Very good move

What's good about the move? Who do you think will stress to meet such demands when other countries have gas to sell.

Putin is a stupid man and it is getting clearer for the world to see.