Putin Signs Decree Ordering Gas Exports To Be Halted If Buyers Don’t Pay In Rubles

by | Mar 31, 2022 | Headline News | 13 comments

This article was originally published by Tyler Durden at ZeroHedge. 

Contrary to expectations that Vladimir Putin was bluffing about collecting rubles in exchange for Russian energy exports, moments ago a decree signed by the Russian president confirmed that that was not the case.

According to Bloomberg, Putin said he had signed a decree demanding payment in rubles for Russian gas supplies, which is set to begin April 1 as previously reported. According to the decree, while Russia will continue to supply gas at set volumes and prices, it will demand that buyers of gas open accounts in Russian banks, and warned that Moscow can halt gas contracts if buyers don’t pay in rubles; additionally, new proceedings in EUR or USD could be blocked. Pushing what many viewed as a bluff to the edge, Putin said that active contracts will be halted if demands are not met, and explained that the move is meant to increase settlements in national currencies.

Putin’s decree follows an earlier report in the Russian press that Gazprom was studying options of halting gas supplies to Europe amid RUB payment issues. It also follows comments from the Kremlin which suggested that it would look into the idea from lawmakers to ask other nations to pay for a wider range of Russian exports in rubles.

Indicating Russia’s operational readiness to follow through with the plan, Interfax adds that Putin has ordered for special accounts for gas payments to be opened at Gazprombank which will sell gas FX on a Moscow exchange.

In kneejerk response to the news, US nat gas prices spiked – perhaps in anticipation that much of US output will now be LNG-ed over to Europe, potentially creating a US shortage in due course…

… while oil also rose from session lows following the latest SPR release jawboning which has yet to be confirmed by the White House.

Finally, now that it appears the ruble will have to be purchased by western powers, the currency has completed its roundtrip to pre-invasion levels.

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    Comments

    13 Comments

    1. Genius

      What does the EU and Fred Flintstone have in common?

      When they look out the window they see “Rubles” 😛

    2. Stupordave

      $280 per barrel oil by May. Which is to say – no meaningful quantities of oil by May.
      Putin should have simply turned the oil/gas off months ago.

      • Genius

        Don’t say I didn’t tell ya to stock up as much as possible. Bidet is draining the strategic reserve to 0. Might be cheaper to run on moonshine or wood gassifier…

        • Genius

          As of right now oil just went under 100. Might want to git er dun sun!

        • NetRanger

          I’ve had a rotating stock of about 150 gallon of fuel for 5 years. Without conservation, it would last me about 5 months. With conservation? Who knows.

          Better get your gas tanks full and your pantry full. Its coming. I can feel it.

          • Genius

            I’ve done the same but more like 15 years. Before that I kept like 60 gallons due to no storage space. It has come in very handy a few times plus I have to store it when Im out in the mountains at the cabin. I feel it comin too. Makes your mind go all over the place…

    3. JRS

      The burning hatred of Russia will help heat the west’s houses when the fuel runs out.

      • Anonymous

        Of course it will, that’s how we will know we were on the right side of it all.

        It’s a simple matter of “would you rather be happy or be right”?.

        • Anonymous

          I’m always right & I’m not happy unless life sucs for others.

    4. Anonymous

      Where can I purchase Roobles?

    5. Bill

      I have saved some cash (not deposited in the bank) to use for certain purchases, for privacy of purchases, to get discounts, for convenience, and for security. However, and very unfortunately, those days are probably numbered. A digital currency system is far more developed than most people are aware. The only options for the sovereign use of your resources may be bartering, willing labor, and use of personally accumulated precious metals. I recommend you not put off for long getting what you want and need. The cash you have now could be unusable in a few years. It would be a shame to still have accumulated cash that can’t be spent any more.
      Cash empowers the individual, it enhances personal freedom, offers privacy, and gives security and options otherwise without it. TPTB actually see your cash as theirs. Look on a dollar bill, or any denomination, it says federal reserve note on the front, it is legally their property, and they say so. However, they still can’t control how you spend it, save it, or what you do with it.
      They want to change that. Digital currency is their answer. As this cashless system is going into effect each and every person may have to have a personal account number (maybe your SSN). However, this account number doesn’t mean funds are actually being deposited in a personal account. Your account number is only a means to access the funds they hold that you may be “entitled” to. Money will not go from them – to you – then to a third party. You will be bypassed. It will simply go from your account to the third party’s account (like to a hardware store – and even they won’t actually possess the money, it will just be credited to them, TPTB retains all money at all times). TPTB can then decide where you spend it, what you spend it on, the limit you spend, and even when you spend it. Hence, in effect, TPTB will own you. If you try otherwise a computer algorithm will see it and not let not the transaction be completed. This is because just as they now consider your cash theirs, they will consider your “digital dollars” theirs. It’s not enough they own the “money”, they want to control it too.
      This is what TPTB are working on.

      • Anonymous

        That’s why the very wealthy don’t have much of their wealth in actual cash.

    6. Anonymous

      What could go wrong…

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