Russia has tightened its grip on pro-Ukraine European countries, reversing Putin’s decision on gas. In the wake of the Ukraine crisis, Russian President Vladimir Putin, in retaliation for sanctions, announced that he would sell natural gas to rival countries for only rubles.

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Putin will sell gas to rival countries in rubles – Putin

For some time on Wednesday, the Russian currency ruble hit a three-week high of 95 rubles against the US dollar. However, it finally stabilized, going up to 100 rubles. In fact, it is the effect of Russian President Vladimir Putin’s announcement that from now on he would sell gas to anti-Russian countries only in the Russian currency ruble. The Russian president has called for the order to be implemented within a week, and it appears that it will strengthen the Russian currency, as many European countries (most of which are raising their voices against Ukraine) are still seeking energy supplies. Depend on Russia.

Putin avenges sanctions

Putin avenges sanctions

It may be recalled that this month the ruble had fallen to the level of 120 and in the interbank market it had reached the level of 150. Russia has been facing unprecedented Western sanctions since the February 24 invasion of Ukraine and its economy is in deep trouble. Before the start of the war, 80 rubles were being traded against the dollar. Putin, who is looking for opportunities in the disaster, made the announcement at a meeting with top officials on Wednesday. Putin said Russia would start selling gas to “rivals” for the ruble, as foreign countries froze Russian assets and broke Moscow’s confidence. However, in a previous meeting, Putin made it clear that he would continue to supply natural gas under the old agreements. “The change will only affect the payment currency, which will now be converted into the Russian ruble.”

Also read: “Take to the streets to stop the war …”, Ukrainian President Zelensky calls for global protests against Russia

List of largest importers of Russian gas

List of largest importers of Russian gas

The European countries that are most dependent on Russian gas, Belarus, Bosnia and Herzegovina, Norway and Serbia, import 100% from Moscow. By the way, Belarus is a special friend of Russia. Countries like Bulgaria, Estonia, Latvia are also 70 to 80% dependent on Russian imports. Hungary has about 65%, Finland and Lithuania about 55%, Greece about 50%, Romania about 45% and Italy 40% on Russian gas. However, the UK and Spain import less. However, Switzerland, Sweden, France and Belgium also depend on Russian gas for a portion of their consumption. (This information is based on OEC-2019.)

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