Putin approves converting gas payments to rubles by March 31
Russian President Vladimir Putin instructed the government, the Bank of Russia and Gazprom PJSC to implement measures to convert gas payments into the ruble by March 31.
The government was instructed to amend existing contracts “while preserving the volume of supplies, prices and pricing principles.” The Cabinet and the Central Bank were also instructed to ensure the possibility of payments, including the purchase of the Russian ruble, by natural gas buyers on the domestic foreign exchange market.
On March 23, Vladimir Putin, during a meeting with the government, announced that the sale of natural gas and other exports from Russia to European countries and the United States would soon be converted into rubles.
A number of countries stated that it is not a problem for them to pay for Russian gas in rubles, in particular Moldova and Bulgaria. Others, such as Austria and Germany, objected, citing the terms of existing contracts.
