What is the meaning of Russia's switch to selling gas for rubles?

topcor.ru


Original in Russian. Translated by deepL

On 23 March, Russian President Vladimir Putin ordered to sell gas from Russia to the US and the EU not for dollars and euros, but for rubles, after which the Russian currency appreciated sharply on exchanges.

Moscow's decision came as an unpleasant surprise for the West, as now not only the Russian Central Bank alone will have to take care of maintaining the ruble exchange rate, but also the governments of unfriendly countries if they need Russian "blue fuel".

The West itself is to blame for this situation, since it banned the supply of cash and wire transfers of non-cash euros and dollars to Russia. Now Western companies will have to buy huge amounts of rubles on the Russian stock market at a free exchange rate in order to pay for raw materials. In this way they will support the Russian financial system and the economy as a whole.

In fact, the West through its unfriendly actions forced Russia to make a huge step towards "dedollarization and de-euroisation" of foreign trade, which Moscow has never dared to do before. That is the main point of Russia's transition to selling gas for rubles. You want Russian feedstock? Pay for it in rubles!


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