Putin’s demand for trade in rubles, and how it could work

Wednesday, 30 March 2022newsdesk

On March 23, Russian President Vladimir Putin demanded that European countries must pay for all natural gas imports in rubles instead of the US dollar or the euro. The European Union imports 40 per cent of its natural gas requirements.

New Delhi, 30 March 2022

As per news report of The Indian Express, According to reports coming out of Russia, Putin said Russia would not accept natural gas payments in currencies that have “compromised”. This list of currencies included dollars and euros. “I have decided to implement a set of measures to transfer payment for our gas supplies to unfriendly countries into Russian rubles,” Putin is reported to have said. The list of unfriendly countries includes the EU nations, the US and the UK. Predictably, in the immediate aftermath of this announcement, prices of both natural gas and its substitute crude oil spiked.

Source - The Indian Express