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  • G-7 ministers agree to refuse ruble payment for Russian gas

G-7 ministers agree to refuse ruble payment for Russian gas

Robert Habeck, Germany's economy and climate protection minister, criticized the demand by Putin as one-sided and a clear breach of existing contracts. (AP)
Robert Habeck, Germany's economy and climate protection minister, criticized the demand by Putin as one-sided and a clear breach of existing contracts. (AP)
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29 Mar 2022 02:03:13 GMT9
29 Mar 2022 02:03:13 GMT9
  • Putin has indicated that Russian gas supplied to “unfriendly” nations, including Japan, the US and European countries, will be required to be paid in rubles

BERLIN: Energy ministers from the Group of Seven major industrialized nations agreed at an online meeting on Monday that their countries will refuse to pay in rubles for natural gas from Russia, as demanded by Russian President Vladimir Putin.

Putin has indicated that Russian gas supplied to “unfriendly” nations, including Japan, the United States and European countries, will be required to be paid in rubles.

At a press conference following the meeting, Robert Habeck, Germany’s economy and climate protection minister, criticized the demand by Putin as one-sided and a clear breach of existing contracts.

He called on companies importing natural gas from Russia not to settle purchases in rubles.

Natural gas purchases from Russia are usually settled in dollars or euros.

If Japan, the United States and Europe accept ruble payments, they would need to buy the Russian currency, which is under selling pressure following Russia’s invasion of Ukraine. Their ruble buying could violate G-7 sanctions against Russia, German media reports say.

Among the G-7 members, Germany and Italy, in particular, are large importers of Russian gas. At the press conference, Habeck avoided a clear answer to a question about a possible response if Russia stops gas supplies to countries refusing to pay in rubles.

JIJI Press

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