Putin wants “unfriendly” countries to pay for Russia’s energy in the ruble

Russian President Vladimir Putin said Wednesday that “unfriendly” countries want to start paying for Russian energy using the ruble.

Putin spoke at a meeting with members of his government, according to A video of his statement provided by the state-sponsored Media Outlet RT.

“We will move to the supply of natural gas and other raw materials in the Russian ruble as we deal with unfriendly countries,” Putin said. according to RT translation of his remarks.

“Of course, Russia will continue to supply natural gas and will respect all obligations and pricing under the contracts we have signed,” Putin continued, “as a trusted supplier and a trusted partner. We value our reputation, “he added.

Russian state media Kommersant reported Putin also instructed the Central Bank of Russia and the government to develop a mechanism for paying rubles within a week.

“It doesn’t make sense to supply goods to both the EU and the US and receive payments in dollars, euros, and many other currencies,” according to a translation of the statement quoted by Kommersant. ..

Putin added that, in his view, the US dollar and the euro have been “compromise” by sanctions on Russia’s central bank reserves.

Following Putin’s remarks, gas price futures contracts in April At the Dutch exchange By 9:50 am New York time, prices were eased to around $ 124 per MWh, which remained up about 14%, but rose about 20% per MWh to about $ 130.

At the beginning of March, Russia released a list of countries and regions that it considers “unfriendly.” This list includes the United States and Canada, members of the European Union, the United Kingdom, Australia, New Zealand, and Ukraine. In Ukraine, Russia is a dangerous nationalist who reduces military power and empowers what it claims.

Western nations call Russia’s actions in Ukraine an illegal, unjust and unfounded war.

In the wake of the conflict, many countries have imposed penalties on Russia, including Russian banks and wealthy oligarchs, the closure of airspace on Russian planes, and a ban on the export of key technologies.

Western sanctions also include freezing about $ 300 billion in Russian central bank assets.This is by Russian Foreign Minister Sergei Viklov Blame on Wednesday As “theft”.

Sanctions have led to a sharp drop in the Russian ruble. Requesting countries to pay for Russian gas in the ruble forces them to buy Russian currency, which helps boost its value.

Following Putin’s remark that Russia’s energy transactions will be settled in the ruble, the Russian currency has solidified against the dollar and other currencies.

Ruble Strengthened by It was about 7% after Putin spoke at about 98 against the US dollar, but was previously traded at about 104 against the dollar.

Tom Ojimek


Tom Ozimek has a broad background in journalism, deposit insurance, marketing and communication, and adult education. The best writing advice he has ever heard is from Roy Peter Clark.