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Kremlin decree: Foreign currency can still buy natural gas

The decree Putin signed and published by state news agency RIA Novosti says a designated bank will open two accounts for each buyer, one in foreign currency and one in rubles

oil gas

(Photo: Bloomberg)

AP | PTI Rome
A Kremlin decree published by state media says unfriendly countries" can continue to pay for natural gas in foreign currency through a Russian bank that will convert the money into rubles.
President Vladimir Putin talked tougher Thursday, saying Russia will start accepting ruble payments for its gas supplies from unfriendly countries" starting Friday and contracts will be stopped if buyers don't sign up to the new conditions.
He says to buy gas, customers would have to open ruble accounts in Russian banks."

The decree Putin signed and published by state news agency RIA Novosti says a designated bank will open two accounts for each buyer, one in foreign currency and one in rubles. The buyers will pay in foreign currency and authorize the bank to sell that currency for rubles, which are placed in the second account, where the gas is formally purchased.

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First Published: Mar 31 2022 | 9:03 PM IST

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