Putin will “graciously” let you pay for gas. He issued a decree
Russia will allow foreign customers to settle arrears for natural gas supplies from Russia in foreign currency, Reuters reported, citing a decree signed by Vladimir Putin.
The decree states that settling the arrears does not automatically mean the resumption of deliveries gas. The document also does not change Russia’s previous requirements that foreign contractors pay for gas in Russian rubles. Reminds that Russia stopped deliveries to those countries that did not agree to payments in rubles, such as Poland and Finland. Russian media controlled by the Kremlin reported that the permission to settle arrears in foreign currency concerns the so-called hostile countries.
In March this year Russia has decided, that contractors from “unfriendly countries” will have to pay for natural gas supplies in rubles. This meant that these buyers were to open special ruble accounts operated by the Kremlin-controlled Gazprombank. Then, this bank is to sell foreign currency on the Moscow MICEX exchange, exchanging it for rubles, and to make payments for gas in these rubles.
Since March 5, Russia’s list of “unfriendly countries” includes, among others, all European Union countries (including Poland), the United States, Great Britain, Canada, Australia, Norway, Switzerland, Japan and South Korea.
Recall that on April 27, 2022, Russian Gazprom stopped gas supplies natural under the Yamal contract. PGNiG reported then that “the company refused to pay Gazprom for gas under the Yamal contract in rubles”.
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