Kremlin: system of gas payments in rubles to be used for other Russian exports

Kremlin Spokesman Dmitry Peskov is confident that the system of gas payments in rubles in the future will spread to other Russian export products as well. He expressed this opinion in an interview with the Russia-1 TV channel on Sunday.

Speaking of ruble payments for Russian gas, he noted that buyers "will pay in euros like they used to, in those very units indicated in agreements." "Yet, that said, the final payment will be submitted to the seller, Gazprom, precisely in rubles by buying Russian rubles with these euros," he emphasized.

He called this a "prototype of a system" of ruble payments. "Yet I have no doubts that in the future it will spread to new groups of products as well. And will be used increasingly more in our foreign trade relations," he concluded.

The Kremlin official also agreed that the ruble payments for Russian gas mean to ensure the security of Russia’s trade and not to spite anyone. "Amid this growing distrust to reserve currencies, the president proposed an idea of the necessity, above all, to hedge risks so there won’t be attempts to rob us again. And precisely the implementation of such payments in rubles, the switch to payments on the most important product positions. In this case we are talking about pipeline gas," he concluded.

Peskov added that Russia values its reputation of a reliable gas suppliers and European companies can easily open ruble accounts to pay for gas supplies. "We don’t want to complicate the life for our clients. Russia has always been a reliable supplier. Russia values its reputation of a reliable supplier. Naturally, we will not be doing anything undermining this reputation," he said.

"That is why everything will be quick, clear, understandable," he said when asked about opening ruble accounts to pay for Russian gas. "It should be done. These are the new rules and they need to be obeyed. Although, let me repeat once again, nothing will change de facto for European countries. De jure, however, it will be a different system," he noted.