Russia orders gas payments in rubles by March 31

Russia orders gas payments in rubles by March 31

Russian President Vladimir Putin expects a report from the cabinet of ministers, the Bank of Russia (the Central Bank) and Gazprom about changing the currency of payment for gas supplies to unfriendly countries to rubles by March 31, according to the list of the president’s requests following the meeting with cabinet members released on the Kremlin’s website.

"The Russian government together with the Bank of Russia and Gazprom PJSC should implement a set of measures on changing the currency of payment for natural gas supplies to the countries of the European Union and other states that imposed restrictive measures against the citizens of the Russian Federation and Russian legal entities, to the Russian ruble," according to the document.

The president expects a report on the request by March 31 and further on each month.

Meanwhile, the government should approve an instruction on changing the current contracts of Gazprom on gas supplies regarding changing the currency of payment on them to the Russian ruble. According to the list of requests, it should be done "with supply volumes, prices and price formation principles stipulated by contracts maintained" by March 31.

Moreover, the Bank of Russia together with the cabinet should ensure the possibility of making payments on gas contracts changed to the payment of supplies in rubles, including energy buyers’ acquisition of Russian rubles on the domestic foreign currency market. The request should also be implemented by March 31.