Ilya Ilyin, head of banking and financial market analysis at Promsvyazbank, said countries around the globe may soon have to create reserves of domestic rubles if they want to continue buying gas from the country. Russia. The information came as Moscow switched payments to Russia’s national currency.
“In the case of a conversion to ruble payments, partner countries may create a certain ruble reserve to facilitate payment.”this expert said.
Russian President Vladimir Putin announced on March 31 that the country was changing its payment mechanism for some exports, starting with natural gas on April 1. The measure affects countries that have imposed sanctions on Russia over Ukraine and frozen Moscow’s foreign exchange reserves.
The ‘unfriendly’ countries Mr. Putin referred to are the US, UK, Canada, Australia, Japan, Taiwan, South Korea, Switzerland, 27 European Union countries and a number of smaller countries.
Moreover, according to expert Ilyin, Russia may need to reduce the currency reserves of unfriendly countries, including the US dollar and the euro, in light of the risk of payment freezes related to sanctions. Therefore, Russia itself should accumulate ruble reserves.
“With stable exports and revenue, there will be an excess of rubles and this will be transferred to state subsidies or temporarily put into the bank,” the expert suggested.
According to information obtained by Sputnik about the directive to buy gas in rubles, the document is titled “On the special procedure for the performance of obligations of foreign buyers towards Russian natural gas suppliers”payment orders for gas exports starting April 1 to countries that have taken “unfriendly actions against the Russian Federation, Russian entities and individuals” will be paid in rubles.
Supplies will be blocked if you try to pay in foreign currencyin case of non-payment or non-payment from an authorized Russian bank.
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