THE Russian ruble has surged on Wednesday after the announcement that payments for gas exports to certain Western countries will be switched to Russia’s domestic currency.

The Russian currency immediately 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.

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.

Russia plans to abandon all “compromised” currencies in gas payment settlements, President Vladimir Putin said on Wednesday. He added 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 Russian president instructed the Central Bank and the government to determine within a week the order of operations for the purchase of rubles on the domestic market by buyers of Russian gas. Putin added that Russia will continue to supply gas in accordance with the volumes and according to the pricing principles concluded in the contracts. Only the currency of payment will change.

smooth

EU will the break own sanctions on Russia.
Massive protests in Italy and France on high cost of Gas as things have hit high.
France houses are mostly powered by nuclear but fuel prices are hitting massive high.
Ireland government is now paying millions of euros to subsided oil price in Ireland has drivers are complaining.

All economic policy are artificial at any point in time and can be manipulated easily depending on your leverage on the international trade stage. Cancel culture of the west will destroy the west easily since information is now rapid and counter measures are derived with immediate response. There's a reason why Russia is a superpower and not Libya, Iraq or any of the US lapdog.

Russia is just one country but that one country is shaking the whole of Europe and the whole world at once. It's just unfortunate that the war with Ukraine had to happen but the good thing is that it would change the world going forward. I think countries should hold their reserves in various reserve currencies and commodities. Imagine a situation where Africa can come up with a single strong currency for the whole of Africa and different countries round the world can decide to spread their reserves in dollars for America, euros for Europe, yuan for Asia and an African currency for Africa. This way, no country would unduly have a very high currency above the other. The whole world is feeding America and that has to be adjusted.

West and their useless sanctions.... God bless Putin... God bless Russia...

Nna mennnnnn

The smartest economic move of the century


So what's now the significance of paying in USD, while the sellers should be easily paid with his currency


Am sorry where old Joe is taking the porious American dollar significance to, with all these self destructive sanctions


Let's what's and see

Let him enjoy it while it lasts

People that have been preparing for sanctions for 8 years. They even ran a simulation on their economy. Slava africa, Slava Putin, Slava rossiye, Slava China.

Artificial sanctions that hold no water against big nations

Drenimarcus:
People that have been preparing for sanctions for 8 years. They even ran a simulation on their economy. Slava africa, Slava Putin, Slava rossiye, Slava China.

That’s the summary.

Putin and Russia started planning for this long ago. You need a bit of madness to achieve the desired change from an existing order. This is a perfect blend of diplomacy and violence.

I Want the U.S Dollar to fall. Dollar has rendered Naira completely useless.

Putin has been planing this