On March 23, Russian President Vladimir Putin demanded that European countries must pay for all natural gas imports in rubles instead of the US dollar or the euro. The European Union imports 40 per cent of its natural gas requirements.
About:
The Russian ruble or rouble is the official currency of the Russian Federation. The ruble is subdivided into 100 kopeks.
Russia would not accept natural gas payments in currencies that have “compromised”. This list of currencies included dollars and euros.
The move to accept payments only in rubles has been done to increase the demand for rubles in the international market.
The ruble had been weakening against the dollar in the weeks before Russia invaded Ukraine.
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