The Russian president has given Russian officials a week to implement the new ruble system.
Vladimir Putin announced on Wednesday that Russia would no longer accept payments in dollars or euros for gas supplies to the EU, giving Russian officials a week to develop a new system in rubles.
⁇I have decided to implement a package to pay for gas supplied to hostile countries in rubles and to discount compromised coins in all terms.During the government meeting, the Russian president said that this was a reaction to the freezing of Russian assets in the West due to its attack on Ukraine.
Other Russian exports may be affected
Vladimir Putin called for the establishment of a central bank and government.Within a week“New system to be”Clear, transparentAnd indicatesAcquisition of rubles in the marketRussian Foreign Exchange. The announcement had an immediate effect on the Russian currency, which strengthened against the euro and the dollar, while it collapsed on February 24 and Russian forces entered Ukraine.
He also pointed out that other Russian exports would be affected as the West froze about $ 300 billion in Russian foreign reserves, “said Russian Foreign Minister Sergei Lavrov.”Volume“Wednesday.”It is clear that we no longer understand the delivery of our goods to the EU, USA and the receipt of dollars, euros and other currencies.Vladimir Putin said.
For now, Russian hydrocarbons are largely exempt from the harsh Western sanctions against Russia. Admittedly, Washington has imposed a ban on Russian gas and oil. But the latter continues to flow towards Europe, relying heavily on Russian hydrocarbons and Moscow’s first market. But the EU is now considering a ban on Russian oil.
Many decisive international summits are expected to recommend new Western sanctions. Moscow, for its part, has been advocating for years the devaluation of its economy in order to mitigate its impact on sanctions. In March 2019, the Russian public gas company Gasprom announced the sale of its first gas ruble to a European company. “Without Russian hydrocarbons, it is absolutely clear that the gas and oil markets would collapse if sanctions were imposed. The prices of energy sources are unpredictable“On Wednesday, Alexander Novak announced the Deputy Prime Minister in charge of energy.
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