“In order to buy Russian gas, they have to open ruble accounts in Russian banks,” Putin said in a televised address. “The gas will be paid from these bills from April 1. If such payments are not made, we will consider it as non-compliance of the customer with his obligations. “ According to an order signed by Putin, gas buyers will have to open accounts with the state-controlled Gazprombank to facilitate foreign exchange in the markets. The G7’s leading economies – the United States, the United Kingdom, France, Germany, Italy, Japan and Canada – have so far refused to comply with their request for ruble payments. However, a gas analyst said that using Gazprombank as an intermediary could allow Western economies to abandon their opposition. He said market prices for gas, which have risen slightly today, do not indicate fears of an impending supply disruption. The stalemate has already led Germany and Austria to prepare for a possible gas coup, triggering an emergency plan designed to help them deal with any supply disruptions from Russia. Subscribe to the daily Business Today email or follow the Guardian Business on Twitter at @BusinessDesk There are fears that Putin could extend the ruble payment plan to include exports of oil, grain, fertilizers, coal, metals and other commodities. The value of the ruble collapsed in the wake of the invasion of Ukraine, before proceeding to a partial recovery. With the currency still trading at a low level, Russian exports are yielding less money to subsidize government services and finance the war than previously expected. The gas payment plan could help support the ruble by boosting the Russian economy, which has been hit by Western sanctions.
