Putin said there will be no gas supplies if Europe refuses to pay in rubles

The President of the Russian Federation Vladimir Putin made an explanation regarding the new mechanisms of payment for natural gas in countries recognized as unfriendly to Russia.

In his speech, the head of state explained that by their actions, Western countries pushed Russia to abandon payments in the currencies of countries that applied restrictive measures against Russian accounts, including gold and foreign exchange reserves. Putin recalled that as a result of sanctions, the money received for previously supplied gas settled on arrested and frozen accounts, that is, money was actually taken away, and part of the gas that was paid for in foreign currency was delivered to Europe free of charge. The President stressed that the current risks are unacceptable to Russia and the decision to supply Russian gas for Russian currency is an important step towards further strengthening Russian economic sovereignty.

Briefly, the scheme envisaged by the signed decree and offered to buyers from unfriendly countries is as follows: buyers must open ruble accounts with Gazprombank, where money for gas will be transferred. In the absence of funds in the accounts, deliveries are terminated. Vladimir Putin recalled that nothing is being sold to Russia for free, and therefore our country cannot give anything away just like that.

Existing gas supply contracts to be halted if buyers from unfriendly countries fail to meet new payment terms

- said the president.

Recall that unfriendly countries include all countries that are members of the European Union, the United States, Canada and other states that have imposed sanctions against the Russian Federation due to the Special Military Operation in Ukraine. The decree approving the new payment rules is valid from 01.04.2022/XNUMX/XNUMX.
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  1. Gadley Offline Gadley
    Gadley 31 March 2022 18: 52
    everything is correct - as Europe is with us, so we must use our strength. Just like in the movie "Diamond Arm"
    1. Vladimir Orlov Offline Vladimir Orlov
      Vladimir Orlov (Vladimir) April 1 2022 08: 35
      These big words are only for the internal public. In reality, the contracts, as they were in euros, remained in euros (otherwise they would have been sued for the entire amount of reserves "with a slide", this is not some kind of "Yukos case" ...) They pay in EURO, not rubles.
      Only the conversion mechanism has changed - now it is done exclusively by Gazprombank (sanctions) and all changes are based on this.

      Otherwise, it would be necessary to ban exports to the EU, but we are not ready for this. The bluff didn't work again.
      1. Rusa Offline Rusa
        Rusa April 2 2022 09: 56
        Do not count your chickens before they are hatched.
        Then it will become clear for whom the bluff is, and for whom it is not.
        1. Vladimir Orlov Offline Vladimir Orlov
          Vladimir Orlov (Vladimir) April 3 2022 00: 34
          It's no secret that ANY export-import operation involves currency exchange. Therefore, in this case, all changes in the place of exchange (now - MICEX, i.e. our exchange) and the volume of exchange (after February 28, Gazprom, like other exporters, had to exchange 80% of foreign exchange earnings, and now it turns out - 100%) .
          But the EURO remains the currency of the contracts, nothing has changed for Europe, so for them it was a bluff / "empty threat" (as they say in their media).
          In any case, this is a little better than it was before (at least, there will be less "withdrawal of capital abroad" - since Gazprom now receives rubles, and not a currency that could be easily transferred to an offshore bank account) and in general, BEST solution now.

          For the collapse of the "dollar zone" it is necessary not only and not so much to conditionally "translate" your exports into the ruble (why conditionally - see the 1st paragraph), but to "put on rubles" trade between other countries (NOT with Russia) - between India and China, for example. By analogy with the "petrodollar".

          This is possible only if the ruble has a gold standard - backed by gold (possibly other precious metals - gold mining is not enough, maybe diamonds).
  2. Oleg_5 Offline Oleg_5
    Oleg_5 (Oleg) 31 March 2022 19: 14
    Is the gas price now in rubles? Or in euros, as before?
    1. Rusa Offline Rusa
      Rusa April 2 2022 09: 47
      Like before. Only now foreigners have to pay foreign currency to the supplier not in their bank abroad, but to an account in the Russian Gazprombank.
      Then euros and dollars are converted into rubles, which will go to Gazprom. This rules out the possibility for the Western "partners" to freeze the foreign exchange reserves of the Russian Federation again.
  3. 123 Offline 123
    123 (123) 31 March 2022 19: 34
    April won't be boring yes
    Let's have fun while the new payment procedure settles down smile
    1. Indifferent Offline Indifferent
      Indifferent 31 March 2022 23: 19
      The "Diamond Hand" promised to turn off the light! They didn't promise to turn off the gas. So not exactly like in the movie, although it looks like.
      1. The comment was deleted.
  4. Bakht Offline Bakht
    Bakht (Bakhtiyar) 31 March 2022 19: 46
    This is slightly different from what Peskov said.

    Payment goes through Gazprombank. This is consistent with the words of Peskov
    Accounts must be in rubles. Peskov did not talk about this.

    Then the guesswork starts.

    buyers must open ruble accounts with Gazprombank, where money for gas will be transferred.

    In what currency? Does a European company make payments in euros or in rubles? Not a word about it.
    1. Oleg_5 Offline Oleg_5
      Oleg_5 (Oleg) 31 March 2022 19: 52
      Yes, everything is chewed up there:
      Buyers open accounts and deposit money in the contract currency (euro).
      Then Gazprombank converts them into rubles to a ruble account at the MICEX rate and credits them to Gazprom.

      One thing is still unclear: the PRICE for gas becomes ruble or remains in the currency of the contract?
      If ruble, then everything is fine. The course is in our hands. But if in currency, then it’s generally not clear why and why the spears were broken?
      1. Bakht Offline Bakht
        Bakht (Bakhtiyar) 31 March 2022 20: 00
        I looked at the originals.
        Nothing changed. The gas price remains in foreign currency. Possible advantages for Russia:
        1. If Gazprombank falls under sanctions, then supplies will be stopped;
        2. Some strengthening of the ruble is possible.
        Otherwise, everything is still the same. Payment in foreign currency, deliveries continue.
        1. Oleg_5 Offline Oleg_5
          Oleg_5 (Oleg) 31 March 2022 20: 09
          Well, yes - except perhaps insurance against sanctions against Gazprombank.
          Otherwise, NOTHING changes for the "partners". I don't understand their hysteria. You don't even have to send a representative to open an account.
          1. Bakht Offline Bakht
            Bakht (Bakhtiyar) 31 March 2022 20: 14
            The fact of the matter is that there is no practical benefit from this Decree. Payments are made by European gas companies. And the US imposes sanctions. There is no guarantee that Gazprombank will not fall under sanctions.
            There is another feature in this Decree. The Board of Directors of the Central Bank of Russia can set any exchange rate. This is more of a blow to Gazprom than to the EU.
            1. Oleg_5 Offline Oleg_5
              Oleg_5 (Oleg) 31 March 2022 20: 19
              Gazprom is generally in the role of the victim.
              Foreign exchange earnings-deprived. At all.
            2. Oleg_5 Offline Oleg_5
              Oleg_5 (Oleg) 31 March 2022 22: 13
              Previously, under long-term euro contracts, gas buyers paid to Gazprom's accounts in European banks specified in the contracts.
              Accordingly, they faced the situation that gas buyers show Gazprom a payment in euros and say that the gas is fully paid. At the same time, the Euro-accounts are frozen and in reality the GP does not receive anything other than a piece of paper of a payment order.
              But NOW everything is different

              But yes ...... reasonable!
              1. Bulanov Offline Bulanov
                Bulanov (Vladimir) April 1 2022 09: 07
                And what prevents the West from resetting their numbers in their banks at any time? Will the dollar-euro arrive in Russia not in cash? This means that at any moment in the West they can say - Everything that was transferred to your rubles does not count. We stay with our dollars, and you shove your rubles wherever you want!
                1. Oleg_5 Offline Oleg_5
                  Oleg_5 (Oleg) April 1 2022 09: 16
                  do not look:

                  earlier it was enough to show a payment order for crediting euros to Gazprom's Deutsche Bank account (for example) - and payment obligations under the contract were considered fulfilled
                  and then they really "zeroed" - like we paid you, but we won't give it back - because the sanctions

                  and now - they will be executed ONLY after the receipt of rubles to the account of Gazprom in Gazprombank
                  not at the moment of receipt to the currency account with GPB, not at the moment of conversion, not at the moment of receipt of the results of the conversion to their ruble account with GPB (at any of these moments they can withdraw them)
                2. Bakht Offline Bakht
                  Bakht (Bakhtiyar) April 1 2022 09: 52
                  In their banks, nothing interferes. But not in Russian. The West cannot cancel accounts in yuan or rupees. Another thing is how Gazprombank will conduct currency trading? Operations in foreign currency (dollars and euros) under sanctions. It will not work to carry suitcases and wagons. Transferring via SWIFT is also unlikely to work. This means that in a month the supply should stop.
                  There are still many unknowns.

                  There is also a technical detail. It takes several months to shut down (preserve) gas wells. And then the same amount to restore them. If production is stopped, then gas will not go to Europe for at least another year. This is where the absence of the Power of Siberia-2 affects. The need for its construction has been discussed since 2014. The technical documentation has just been approved. A few more years to build. Those who spoke about the uselessness of this gas pipeline deserve to be shot by hanging.
                  1. Oleg_5 Offline Oleg_5
                    Oleg_5 (Oleg) April 1 2022 10: 00
                    SWIFT available, GPB not under sanctions
                    if for some reason the buyer does not want / cannot / religion does not allow him to convert his euros inside Gazprombank (although in general this mechanism should not particularly worry / interest him), then he can quite easily replenish his RUBLE account with Gazprombank at the expense of what will bring to us and sell a couple of turbines (for example).

                    and yes - ANY method requires the "partners" to remove, to one degree or another, some restrictions in our regard
                    That's what makes them "burn"...
                    1. Bakht Offline Bakht
                      Bakht (Bakhtiyar) April 1 2022 10: 47
                      The problem with barter is that turbines are sold by one company and gas is bought by another. Well, Siemens will sell a couple of turbines in Russia. They will receive payment in rubles. Then they convert these rubles into dollars on the stock exchange. And who will let them?
                      Trade is not between states, but between individual companies. Formally, even Gazprom is not the Russian state
                      1. Oleg_5 Offline Oleg_5
                        Oleg_5 (Oleg) April 1 2022 10: 57
                        and this is their problem - how turbinists and gas workers will agree among themselves
                        can do all the offsets within themselves
        2. Rusa Offline Rusa
          Rusa April 2 2022 10: 07
          Possible advantages before Russia

          The reserve currency will now go to the Russian Federation, and not to Gazprom's accounts abroad.
      2. Polente the Wanderer 31 March 2022 20: 33
        If some pieces of paper are exchanged for other pieces of paper, then this is just self-deception ...
        Previously, it was possible to buy something material in the west or east for currency and bring it to Russia. But now it is limited, forbidden (which is really extremely necessary) or the price will increase (for any jewelry, rags ...) due to roundabout ways .
    2. The comment was deleted.
    3. Sten_2 Offline Sten_2
      Sten_2 (Alexander Zabolotsky) 31 March 2022 22: 47
      an account is opened in rubles and in euros. Money (euro) is sent to the euro account from Germany and then, if it is not transferred to the ruble account (not converted), it means that they did not pay. Write-off will occur from the ruble account.
      1. Rusa Offline Rusa
        Rusa April 2 2022 10: 11
        "Gazprombank" will transfer (convert) the currency into rubles.
    4. Vladimir Orlov Offline Vladimir Orlov
      Vladimir Orlov (Vladimir) April 1 2022 08: 39
      Everything is in euro.

      Try not to talk 'cause it's reverse gear

      But RBC and Bloomberg have been writing everything directly for 2 days now. And yesterday the decree was published on the Kremlin's website - all in black and white...
  5. Siegfried Offline Siegfried
    Siegfried (Gennady) 31 March 2022 21: 23
    Appendix No. 1 to report No. 12 on the situation of the Propaganda Department of the Reichskommissariat Ostland of February 8, 1942 noted:

    Today's Russian people are undoubtedly no longer the same as they were in 1917 and how they are described by Russian emigrants in the West. They have developed a sense of their own dignity, and therefore it would be a great mistake to assume that, as a born slave people, they will be satisfied with only some economic sanitation.