PREPARE TO SWITCH TO RUBLES FOR NATURAL GAS EXPORTS BY MARCH 31, PUTIN

Mon 28 March 2022:

The Russian president on Monday instructed the government, central bank, and Gazprom company to switch to rubles by March 31 the payments for the deliveries of gas to “unfriendly countries.”

President Vladimir Putin also called for a report on the implementation of the assignment on March 31, a statement on the Kremlin website said.

The president ordered the government, the Central Bank of Russia and Public Joint Stock Company Gazprom to implement “a set of measures to change to the Russian ruble the currency of payment for natural gas supplies to the European Union and other countries that have introduced restrictive measures against citizens of the Russian Federation and Russian legal entities,” the statement said.

On March 23, President Putin said there is no longer any reason to continue using dollar and euro after the US and EU sanctioned the Russian state.

The Russia-Ukraine war, which began on Feb. 24, has met international outrage, with the EU, US and UK, among others, implementing tough financial sanctions on Moscow.

At least 1,119 civilians have been killed in Ukraine and 1,790 injured, according to UN estimates, while cautioning that the true figure is likely far higher.

More than 3.82 million Ukrainians have also fled to neighboring countries, with millions more displaced inside the country, according to the UN refugee agency.

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