Vladimir Putin said Russia planned to switch payments for its gas sales to “unfriendly” countries to rubles, in a move which has alarmed international markets.
The announcement sent European futures soaring, Reuters reported, over concerns the switch would exacerbate a looming energy crisis by jamming up deals that run to hundreds of millions of dollars every day.
Russian gas accounts for some 40% of Europe’s total gas consumption.
With a host of European countries still dependent on Moscow for much of their energy supplies, Putin is counting that receiving payment in rubles could boost the decimated Russian currency.
I can't help but appreciate that.