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A building in Moscow with a large “Z” that has become a symbol of the Russian invasion of Ukraine, March 30, 2022 (AP Photo)
Putin signed a decree to convert foreign currency payments from countries “hostile to Russia” into rubles
A building in Moscow with a large “Z” that has become a symbol of the Russian invasion of Ukraine, March 30, 2022 (AP Photo)
Russian President Vladimir Putin today signed a decree under which all payments for gas made in foreign currency by “hostile countries” to Russia will have to be converted into rubles, according to a mechanism that provides for the involvement of Gazprombank, the bank of state that handles payments from western countries. It is a question that has been going on for a few days, since the Russian government announced this decision, most likely to appreciate the ruble which had devalued a lot in recent weeks. The countries of the G7 (the informal group that brings together the democracies with the most advanced economies in the world) immediately refused. German Chancellor Olaf Scholz also said this morning that he had heard Putin on the phone, who had assured him that European countries could pay in dolars or dollars, as stipulated in the contracts.
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