The Kremlin wants the ruble-to-ruble scheme, which it says has been successful in expanding into the realm of Russian eurobonds held by foreigners.
Russia’s ruble-gas scheme, used for foreign buyers of gas, has proved convenient for both buyers and sellers, the Kremlin reported on Monday (May 30th), according to Reuters.
The ruble-to-ruble scheme will soon be extended to Eurobonds, making it convenient for both sellers and buyers.
Thus, the Russian Ministry of Finance proposed to apply a similar scheme to foreign holders of Russian Eurobonds.
“The practice of paying for gas (in rubles) has proven to be convenient for both sellers and buyers. So why not use it (for Eurobonds)? ”Kremlin spokesman Dmitry Peskov said in a conference call with reporters.
Russian gas is paid only in rubles, from April 1
Russian President Vladimir Putin has signed a decree stipulating that from Friday, foreign buyers must pay in rubles for Russian gas. Contracts will be terminated if these payments are not made in local currency.
According to the decree, from April 1, gas buyers will have to open ruble accounts in Russian banks to pay for deliveries.
President Putin reminded that the blocking of the Central Bank’s assets by the USA and the EU poses a threat to foreign exchange earnings from gas exports.
A distinction must be made, being targeted by this measure the so-called unfriendly countries, including Romania. The list covers states and territories that have taken hostile action against Russia, its companies and its citizens.
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