Putin set new rules for natural gas trade

Putin set new rules for natural gas trade

Russian President Vladimir Putin signed a decree Thursday on new rules for natural gas trade with “unfriendly” countries and regions, promising to halt existing contracts if those buyers refuse to pay in rubles.

“Today I signed a decree to buy Russian natural gas, they must open ruble accounts in Russian banks. These accounts will be used to pay for gas supplies starting April 1,” Putin told a government meeting.

“If these payments are not made, we will consider this a default on the part of the buyers, which will entail all the resulting consequences. Nobody sells us anything for free, and we will not give charity,” he said.

Western countries use the financial system as a weapon and their companies refuse to fulfill contracts with Russian companies and individuals, Putin stressed.

If Russian assets in U.S. dollars and euros are frozen, it makes no sense to use the currencies of Western countries, he noted. Putin called the switch of payments for Russian gas to rubles “an important step in strengthening our financial and economic sovereignty.” Russia will consistently and systematically move in this direction and increase the share of foreign trade settlements in rubles and currencies of reliable partners, the president said.

 

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