has doubled down on its threat to cut off natural gas supplies to Western countries that refuse to pay in rubles, raising new concerns about an energy supply crunch and rationing in Europe.
President Vladimir Putin signed a decree Thursday local time that requires buyers of natural gas from "unfriendly countries" to hold accounts at Gazprombank — Russia's third-largest bank — and settle contracts in rubles. It takes effect on Friday, which in Russia began at 8am AEDT.Russia has threatened to cut off supplies of natural gas to "unfriendly" countries if payments are not made in rubles.
According to the decree, Gazprombank would open accounts on behalf of Western gas buyers, purchase rubles on their behalf and then transfer the cash to Gazprom's accounts.Europe's leading economies rejected any change to the terms of existing supply agreements, and said they were prepared for all scenarios including disruption to flows of natural gas.
"We will not accept the method of payment for [Russian] gas in any other currency than stated in the contract."
No surprise that if you engage in country destroying sanctions that the country concerned responds in kind. Diplomacy is a better path but requires leaders that actually want to collaborate, understand each other and resolve differences.
Should have happened years ago.
Good move by Russia
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