Putin Vows To Cut Gas Supply Tomorrow Unless Europe Pays In Russian Roubles

 

Russia will cut off gas supplies to Europe if countries refuse to pay in roubles, Vladimir Putin has warned.

The Russian leader said he had signed a decree saying customers must pay in the local currency from tomorrow or their contracts will be terminated. The G7 has previously rejected the demand.

In televised comments, Putin said buyers of Russian gas should open accounts in Russian banks, adding that the move was an important step in strengthening the country’s ailing economy.

European gas prices reversed earlier losses and pushed higher amid fears Europe could abruptly lose its bigger source of natural gas supplies.

Putin's doubling down marks a reversal from earlier today, when both Germany and Italy said they'd received assurances from the Russian president that buyers could continue to pay in euros.