Not quite what it seems, perhaps. It looks like a device to convert foreign currency into rubles to get round sanctions. But countries like Germany, which has placed heavy bets on gas by getting rid of coal and nuclear power and throwing fortunes at renewables, must be feeling the pressure and checking their gas storage levels.
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“Unfriendly countries” must start paying for Russian gas in rubles, or their supplies will be cut, Moscow has said.
The decree, published on Thursday by state media, came a day after the leaders of Italy and Germany said they received assurances from President Vladimir Putin, reports ITV News.
Mr Putin talked tougher, saying that starting from Friday, Russia will start accepting ruble payments from Western countries that imposed sanctions over its invasion of Ukraine.
He said contracts will be stopped if buyers don’t sign up to the new conditions, which include opening ruble accounts in Russian banks.
European leaders had previously rejected paying for deliveries in rubles, saying it would undermine sanctions imposed because of the war in Ukraine.