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Russia warned the West that ruble gas facts are about to arrive

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LONDON, March 25 (Reuters) – Russia will warn the West on Friday that billions of dollars of ruble billing of natural gas exports to Europe could be forthcoming, Moscow’s toughest response imposed by the invasion of Ukraine.

With the Russian economy facing its gravest crisis since the years following the breakup of the Soviet Union, President Vladimir Putin struck back at the West on Wednesday, ordering Russian gas exports to be paid for in rubles.

Putin said that the West had declared an economic war by freezing Russian assets, so Russia no longer saw the point of receiving dollars or euros for its exports.

The Kremlin said on Friday that Putin had ordered Gazprom, the world’s largest natural gas company and which supplies 40% of Europe’s gas, to accept export payments in rubles, and that he had only four days to figure out how. do it

Kremlin spokesman Dmitry Peskov told reporters that the President of the Russian Federation had instructed Gazprom to accept payments in rubles. “This information will be passed on to buyers of Gazprom products.”

Ruble payments would prop up the Russian currency, which has tumbled since the Feb. 24 invasion. Putin’s speech sent the ruble up 9% against the dollar on Wednesday.

Meanwhile, Dutch gas prices, the European benchmark, have soared on concerns about whether countries will be ready or even able to pay in rubles.

Gas buyers have been seeking guidance on how they might get rubles to make payments, given the scope of sanctions on Russia. Many have announced that the change of Russia may represent a breach of contract.

(Reuters Report; Edited in Spanish by Javier López de Lérida)

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