Putin Demands Gas Payments in Rubles

The following video reports on Russian President Vladimir Putin’s explanation of the terms demanded by Russia for natural gas payments. Customers will be required to pay for their purchases in rubles via a cumbersome scheme using euro-based accounts and bank-to-bank transfers involving Gazprombank. I’ve read that Mr. Putin will also accept payments in gold, although gold is not mentioned in this report.

The video has been translated from the Italian subtitles and voice-over. Many thanks to HeHa for the translation, and to Vlad Tepes and RAIR Foundation for the subtitling:

Video transcript:

00:00   In order to buy Russian natural gas, they need to open accounts set up in rubles, in Russian banks.
00:06   The gas supply will be paid for through these accounts.
00:11   After days of threats and warnings, Putin has signed the law that charges payments in rubles
00:18   for the natural gas supply to so called “hostile countries”, that is, all those Western countries.
00:23   who have applied sanctions because of the war in Ukraine.
00:29   The law enters into force on Friday, April 1.
00:35   The Russian President pledged that he will cut off the gas supply to those European countries
00:41   who will not pay for Russian gas in rubles, by suspending the fulfillment of the existing contracts.
00:47   Putin, after inviting affected Western countries to open ruble accounts in Russian banks, affirmed:
00:52   “Nobody gives us anything for free, and neither do we provide charity.
00:57   This means that the fulfillment of the existing contracts
01:00   will be suspended, unless the payments are in rubles.”
01:03   As TASS reported, the Russian President underlined that the payments for the gas supply in rubles
01:09   Are a step forward towards Russia’s financial sovereignty.
01:14   But, what does the new law about the Russian gas payments entail?
01:19   The main clause of Putin’s decree states that all firms
01:22   from the countries listed as “hostile countries”, such as Italy
01:25   and all the West, will have to pay for the Russian gas supply in rubles.
01:32   This money will be transferred to new accounts that Gazprombank is going to open. It is a bank
01:38   not subject to EU sanctions, linked to the largest gas export company in Russia, Gazprom.
01:42   Nevertheless, this system described by the Kremlin spokesperson, Peskov,
01:47   implies that Gazprombank will open two accounts for foreign customers:
01:51   one set up in foreign currency, and the other set up in rubles.
01:54   In fact, customers will have to transfer payments in euros to a bank account
01:57   set up in foreign currency as they used to do before, and afterwards, Gazprombank
02:04   will turn this money into rubles at the auction held by Moscow Stock Exchange.
02:09   and after that, it will transfer it to the other account,
02:12   set up in rubles, used to pay the Russian State.

7 thoughts on “Putin Demands Gas Payments in Rubles

  1. Natural gas from Russia to Europe has been stopped on one main pipeline, the Yamal-Europe pipeline. Per Zerohedge.

  2. When the EU bows to Russian demands, the USD shall be ruined.

    It’s a win/win for all parties, including the US Marxist Party currently pulling the strings.

    • I did a quick search for the “U.S. Marxist Party” and could not find anything specific. Which party do you mean? I would like to read up on its program. I have great difficulty calling Victoria Nuland and colleagues, Marxist.

      It has become increasingly clear that the days of the U.S. dollar as the world’s reserve currency are numbered, with the recent issuer defaults, this time with Russia, only shortening its heyday.

      • That’s the former Democrat party, pre-Obama.

        It’s clear that America has mostly been usurped by foreign interests, the COVID-19 hoax was the test run.

        The newest generation, as long as free food and drugs are made available, is fine with whatever is thrust upon them. And they outnumber us now.

    • When the USD is ruined the US is ruined. The US oligarchs will have to make a run for it with their billions stolen from the people and leave behind them a failed state. All the debts will come due. Problem for all of us in the west.

  3. Baron,. I think my comments were not posted for being harshly truthful.

    Is there any other reason w,d love to know


    • I haven’t deleted any of your comments recently. The last time was a week or two ago, and that was for being off-topic. So I don’t know what happened to them.

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