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    Wike describes Seyi Makinde as chief architect of PDP problems

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    Weekly Report: Nigerian Exchange sees mixed performance as Cutix Plc emerge top gainer

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    UK tightens visa rules for care workers, skilled workers and students

    UK tightens visa rules for care workers, skilled workers and students

    United States scraps visa dropbox service for Nigerian applicants

    President Donald Trump cancels protection for 500,000 Haitian migrants

    Spain golden visa scheme ends as Portugal and Greece demand increases

    Spain golden visa scheme ends as Portugal and Greece demand increases

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    CBN ends free ATM withdrawals for other banks’customers

    FG increases private university application fee from N5m to N25m

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    Nigeria renews $2 billion currency swap deal with China to boost bilateral trade

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    “Bankruptcy” report – Fidelity Bank Plc clarifies position

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    Weekly Report: Nigerian Exchange sees mixed performance as Cutix Plc emerge top gainer

    Again DMO offers N360 billion FGN bond for February

    DMO offers N300 billion FGN bond for auction in May

    NGX Daily Equities Market Report: Market gains for third consecutive days

    CSCS Plc explores listing on the Nigerian Exchange (NGX)

    NGX Daily Equities Market Report: Market gains for third consecutive days

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    BITCOIN hits $103,000 for the first time

    Bitcoin (BTC) rises above US$90,000 records a new all time high

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    Bitcoin crosses US$60K, approaches All-Time High

    Bitcoin (BTC) rises above US$80,000

    Alhaji Dahiru Mangal sold his 1.96bn Oando Shares for N11.81bn

    NGX RegCo suspends Trading of Oando Plc shares

    NGX RegCo approves Livingtrust Mortgage Bank’s free float compliance plan

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    How Donald Trump won the 2024 U.S Presidential Election

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    New hope for Naira fixed income savers?

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    Nigerian Exchange gains 5.37% in Tinubu’s first week, highest for any President since return to Democracy

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

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“Unfriendly” countries will have to pay for Russian gas in rubles – Putin

Wednesday, 23 March 2022, 7:46 pm
in News, World
0
“Unfriendly” countries will have to pay for Russian gas in rubles – Putin
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On Wednesday, Russian President Vladimir Putin said that gas sales to countries deemed unfriendly to Moscow would have to be paid in rubles.  He noted that illegitimate decisions by a number of Western countries to freeze Russia’s assets destroyed all confidence in their currencies. Therefore “unfriendly countries” will have to pay for Russian gas in rubles, Putin said.

The value of the Russian currency, ruble immediately rose on the Moscow Stock Exchange. It rose to a three-week high of 95 rubles against the dollar, before settling below 100. It also gained 3.5% against the EU’s currency, trading at 110.5 rubles per euro.

Read also; President Buhari commissions Africa’s largest fertilizer plant

The ruble plunged to historic lows earlier this month as unprecedented Western sanctions hit the Russian economy, dropping to record lows of 132 rubles per dollar and 147 rubles per euro on March 7. In mid-February, the currency’s exchange rate was around 75 rubles per dollar and 85 rubles per euro.

Yahoo Finance reports that the Russian plans to demand ruble payments for natural gas purchases from European nations will aggravate Europe’s worst energy crunch since 1970S.

Gas prices surged more 30% after President Vladimir Putin ordered the central bank to develop a mechanism to make ruble payments for natural gas within a week at a meeting with his government.

Italy, the biggest buyer of Russian gas after Germany, said it wasn’t inclined to pay for Russia gas in rubles because it could help Putin weaken Europe’s sanction regime.

“My view is is that we pay in euros because paying in rubles would be a way to avoid sanctions, so I think we keep paying in euros,” Prime Minister Mario Draghi’s economic adviser Francesco Giavazzi said at the Bloomberg Capital Market Forum in Milan.

As of January 27, some 58% of Russian gas giant Gazprom’s sales of natural gas to Europe and other countries were  settled in euros. In the third quarter of last year, 39% were in US dollars.

Earlier in March, the Russian government announced a list of 48 states deemed to be unfriendly. They included all EU member countries, the US, Japan, Switzerland and Norway.

The ‘hostile’ states accounted for some 70% of Gazprom’s 2021 export revenue amounting to some $69 billion, Dmitry Polevoy, economist at Moscow-based Locko Invest, said in an e=mailed note.

Russia needs to stop using “the compromised currencies” in natural-gas transactions in retaliation to the U.S. and European sanctions, Putin said, according to a transcript published on the Kremlin website. “It’s pretty clear that it makes no sense for us to supply our goods to the European Union, to the U.S. and receive payments in dollars, euros, other currencies,” he said.

Nnamdi Maduakor
Nnamdi Maduakor

Nnamdi Maduakor is a Writer, Investor and Entrepreneur

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