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Putin ordered to sell Russian gas for roubles

There is no point for Russia any more to supply its goods to the European Union and the USA for dollars, euros and other currencies that «have compromised themselves» – the time has come to switch into roubles, announced 23 March President Vladimir Putin. He directed to start with natural gas and transfer into the national currency payments for supplies to unfriendly countries. The changes shall be applicable only to the payment currency, stressed Putin: Russia will continue to supply natural gas in compliance with the volumes and pricing principles fixed in priorly made contracts.

In the opinion of ART DE LEX Managing Partner Dmitry Magonya, transfer into payment in roubles is possible by mutual consent of the parties to the contract. «Obviously, if Gazprom, referring to the state decision, insists on transferring settlements into roubles, its European counterparties will have to agree to that», believes the lawyer. The attorney emphasizes that if the decision of the Russian President is fixed in the form of a statutory legal act, then settlements in any other currency except roubles will become illegal. «In such case, foreign partners of Gazprom will be forced to obey», he concluded.

Click here for more information: https://www.vedomosti.ru/finance/articles/2022/03/23/914912-putin-gaz-rubli