Russia can demand payment in rubles for all major exports

On March 30, Kremlin spokesman Dmitry Peskov said that all energy products such as oil, gas and major exports of the Kremlin. Russia may be priced in rubles in the near future.

Peskov said that the role of the US dollar as a global reserve currency has been affected and that the pricing of Russia’s largest exports in rubles is in the interests of Russia and its partners.

It is expected that today (March 31), Russia will announce clear regulations on payment for gas imported from the country in rubles.

Earlier, President Putin ordered all payments for gas exports to unfriendly countries to be converted into Russian rubles, refusing to accept payments in euros or dollars. This information has helped the local currency skyrocket, currently the exchange rate is below 83 rubles to 1 USD, the highest level in more than 1 month.

Europe, which imports about 40% of its gas from Russia and pays mostly in euros, said Russia’s state-owned oil giant Gazprom has no power to change the contract. Russia exports hundreds of billions of dollars of natural gas to Europe every year.

Gazprom said the euro accounted for 58% of its export transactions, while the dollar accounted for 39% and the pound for about 3%.

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