Putin announces rubles-only policy for gas deliveries to EU nations

[BeyondGeography]

Link to tweet

https://www.nytimes.com/2022/03/23/business/putin-russian-oil-gas-rubles.html

Olaf is going to have to have a rethink, unless he wants Germany to both finance Russia’s war effort and cushion the blow of sanctions. Biden’s hand just got a lot stronger.

[Shanti Shanti Shanti]

1. Aren't rubles worthless? Give them all you can, lol

[BeyondGeography]

2. They become less worthless if governments start bidding for them to pay huge gas bills

It’s a good short-term move but it should kill the EU appetite for Russian gas forever.

[BlueIdaho]

5. We need to help The EU

To find alternate sources for their energy needs. Time to starve the Bear.

[Celerity]

3. 145 roubles to the euro at current FOREX, so if a barrel is 100 euros, the cost is 14,500 roubles

[WarGamer]

6. Looks like it's 108 rubles/euro...

The Ruble has stabilized greatly...

The last year the avg Dollar to Ruble has been mid 80's... today the Dollar is 98 Rubles.

[Celerity]

11. the rouble just surged post oil announcement, it was at around 145 yesterday, I forgot to look today

[lagomorph777]

4. That should light a fire under anybody who's still buying bloody gas.

[roamer65]

7. Forces the EU countries into the forex market to buy rubles.

That stabilizes the ruble. Not what we want.

The counter should be that the EU pays in Euro into a escrow until Putler gets out of Ukraine.

[BeyondGeography]

9. I'm sure that will be tried

Less sure it will work.

Workarounds on supply ie alternative sources were hopefully already in the hopper.

[C_U_L8R]

8. It would take a hundred billion rubles just to fill my gas tank

Gonna need a bigger wallet.