Russia’s Gas-For-Rubles Payment Schedule Explained

Russian President Vladimir Putin issued a decree establishing a new payment system for Russian gas by non-friendly countries beginning April 1. Here’s Russia’s gas-for-rubles payment schedule explained.

Russia’s Gas-For-Rubles Payment Schedule Explained

Russia will not demand ruble payments from “unfriendly states” right away, according to Kremlin spokesperson Dmitry Peskov, who added that the transition will be “gradual.”

Peskov told journalists, “Nobody is in a rush.” He explained “This is the move in stages, very cautious, with consideration of financial and economic realities existing on global markets. Certainly, there is no room for sudden changes.”

This, according to Peskov, must be an “absolutely thought-out, gradual and carefully calibrated activity. It is impossible to act otherwise.”

On March 31, Russian President Vladimir Putin issued a decree establishing a new payment system for Russian gas by non-friendly countries beginning April 1. Countries that placed financial sanctions on Russia and confiscated Moscow’s foreign reserves are affected by the action. Putin also stated that all of the country’s energy and commodity exports might be priced in rubles in the near future.

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