Putin gave the Russian government and Gazprom a week to unilaterally amend previously signed contracts.
Russian President Vladimir Putin has announced that he has made the sole decision to amend contracts between Gazprom and foreign gas buyers , unilaterally demand payment in rubles only in rubles, and call Russia a “reliable partner who values its reputation.” Relevant reports following a meeting with Putin on March 23 were spread by the Russian media.
“I have decided to implement a set of measures to transfer payments as soon as possible, starting with the payment of our natural gas supplied to the so-called unfriendly countries for Russian rubles. That is, to abandon the use of all compromised currencies in such calculations. emphasize that Russia will continue to supply natural gas in accordance with the volumes and pricing principles set out in previously concluded contracts. Unlike some colleagues, we value our business reputation as a reliable partner and supplier, “Putin said.
He gave the Russian government and Gazprom a week to unilaterally amend previously concluded contracts. And the Central Bank together with the government to determine the procedure for such operations, including the acquisition of Russian rubles in the domestic foreign exchange market of the Russian Federation.
Putin did not announce a list of “unfriendly countries” and “compromised currencies.”
However, he said that Russia would not reduce gas supplies.
According to the Intercontinental Exchange, the cost of gas supply contracts at the European TTF hub has risen sharply since Putin's statement. During the day, the price of gas rose from € 97 per 1 MWh to about € 108.5 per 1 MWh, but after Putin's speech, the cost of futures sharply increased another € 10 – prices rose to € 118.75 per 1 MWh .
However, then the price began to fall again and by 16:00 Moscow time reached € 114 per 1 MWh.
We will remind, after invasion of the Russian Federation in Ukraine against the aggressor country the unprecedented volume and quantity of sanctions was entered. In particular, almost half of the country's gold and foreign exchange reserves located abroad were frozen. In addition, the process of seizing the property of Russia, as well as individuals and legal entities of this country, continues around the world.
Read also: Making Russia pay for the war in Ukraine is quite real – an expert
The damage done to Ukraine as a result of the barbaric war is already measured in the hundreds of billions of dollars. In order for Russia to pay reparations to Ukraine, the best lawyers in the world will be involved.
One of the mechanisms of responsibility, which is planned to force Russia to pay compensation to Ukraine, is the creation of the so-called scroll account – a special contingent account, which takes into account property, documents or funds before certain circumstances or certain obligations. In particular, it is assumed that such funds will be credited to the funds raised by the aggressor country for the sale of oil and gas to the West.
It is also worth noting that Russia's Gazprom has more than once lost in international arbitrations, in particular because of attempts to abuse the monopoly position in the gas market in Europe. Such victories are at the expense of Ukraine and Ukraine's closest neighbor – Poland.
Today, as a result of sanctions imposed on Russia, more and more countries are abandoning Russian oil and gas. Even Russia's most recent ally, Germany, has set a goal of abandoning Russian energy by the end of this year.
In addition, a number of countries have adopted an embargo on Russia's energy supplies .
