The Living Force
'April drop dead date?'
Measure will take effect on April 1
Russian President Vladimir Putin has greenlighted ruble gas payments for buyers from countries which placed sanctions on Russia in connection with Ukraine.
Putin signed a decree on Thursday demanding that these buyers open accounts in Russian banks to facilitate the payments.
The measure takes effect from April 1.
“If unfriendly countries do not pay in rubles starting from April 1, we will consider this a default on gas contracts, in which case the existing contracts will be scrapped,” the President said.
The move to switch to Russia’s national currency in gas payments was announced earlier this month in response to unprecedented sanctions against country.
That announcement instantly sent the ruble surging from historic lows against the US dollar and the euro, with the Russian currency recovering nearly all its losses since the crisis in Ukraine began over a month ago.