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Gazprom Prepares to Pay in Ruble

Currently gas from Russia accounts for about 40% of total consumption in Europe. (Photo: Bloomberg)

Earlier, President Vladimir Putin said that Russia will only accept payments in rubles for gas buyers who are “unfriendly countries”, including all European Union member states. EU).

After the Russian leader’s announcement, the ruble – which has suffered a severe loss since the conflict in Ukraine, appreciated against the dollar and the euro, while gas prices rose.

Currently gas from Russia accounts for about 40% of total consumption in Europe. The EU’s gas imports from Russia are worth between 200-800 million Euros/day. Contracts for payment in Euro account for 58% of total gas export contracts of Gazpromwhile contracts settled in USD accounted for 39% and in British Pound accounted for 3%.

Russia’s Foreign Ministry warns of global bankruptcy if countries refuse to pay for contracts for Russian gas imports in rubles. The ministry also stressed that removing Russia from the World Trade Organization (WTO) would be counterproductive.

On March 23, Russian Deputy Prime Minister Alexander Novak warned that a complete embargo on Russia’s oil and gas would lead to a collapse of global energy markets and an unpredictable rise in prices.

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