Putin sets ruble-for-gas payment deadline – effective April 1

Russian president Vladimir Putin has signed a decree that demands ‘unfriendly countries’ must pay for Russian gas in rubles.

The new law dictates that ‘unfriendly countries’ must open accounts in Russian banks and will come into force on April 1.

Current gas supply contracts will be stopped if buyers from ‘unfriendly countries’ do not meet new payment terms.