Finance News

Why did Putin introduce the ruble condition in gas sales?

If you want to import natural gas from Russia, you have to pay for it in ruble. For this you have to open a special account in a Russian bank. Except for this, Moscow will suspend the gas supply agreement. The announcement by Russian President Vladimir Putin last Thursday is expected to take effect on Friday (April 1). However, the governments of European countries, including Germany, have already called it a “political blackmail.” Russia has also denied the allegations. This information was given in an analysis of Al-Jazeera on Friday. Russia has said it will not suspend gas exports to Europe amid tensions over a ruble payment, a BBC report said.
The Kremlin says there will be no disruption in the delivery of gas for which it has been paid. Kremlin spokesman Dmitry Peskov said gas supplies had not been cut off since April 1, although there was no confirmation of the ruble. Putin’s decree was not immediately effective.

The European Union (EU) says it is discussing with gas companies how to pay for the gas.
The European Commission’s director general of energy regulation, Ditti Jules Jর্গrgensen, said in a tweet that the EU was discussing with member countries and gas companies how to pay for a gas deal with Russia.

What is the reason behind Putin’s directive?

Putin’s decision is linked to the widespread sanctions imposed on Russian banks, companies and businesses by Western nations in response to Russia’s military action in Ukraine. Russia thinks the sanctions are like an economic war.