Russia has urged ‘unfriendly’ countries to start paying for gas in rubles or it will cut supplies if they refuse to do so.
On Friday, President Vladimir Putin signed an order stating that buyers must open a ruble account in a Russian bank.
He also said that no one sells anything to them for free, and Moscow will not do charity work. Therefore, the existing contract will be terminated.
Putin's demand is seen as one of his steps to revive the value of the ruble, which has been hit by Western sanctions.
The order issued by the president means foreign buyers of Russian gas will have to open an account at the Russian Gazprombank and transfer euros or US dollars into it.
Gazprombank will then convert the wnag points into rubles which will then be used to make gas payments.
It also indirectly shows its readiness to restrict exports to European countries especially the European Union (EU) which are heavily dependent on Russian gas and oil.
In response to Russia’s actions, Germany claimed the changes were ‘extortion’.
Since Russia invaded Ukraine, Western countries have issued economic and trade sanctions on Moscow, but the European Union has not placed a ban on oil or gas, unlike the U.S. and Canada, because its member states are heavily dependent on it.
