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Putin demands payment for gas in rubles - mood deteriorates

2:51 PM 31 March 2022

Putin has just signed a decree requiring a payment in rubles for Russian gas:

  • Payment for Russian gas must be made in rubles
  • Customers should open accounts with Russian banks, namely Gazprombank
  • If the requests are not met, active contracts will be terminated
  • Payments in euros and dollars will be blocked
  • Russian gas is cheaper than the spot market
  • Russia will supply gas in line with prior agreements and prices
  • Moods worsened after the announcement was made. The dollar is clearly gaining, and crude oil is also recovering.

EURUSD pair fell sharply after reports from Russia. Source: xStation5

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