Russian rubles and European Union banknote. Archival photoMOSCOW, 28 May. Russian President Vladimir Putin's decision to sell gas to Europe for rubles led to an increase in the exchange rate of this currency, writes CBS News.
"Russia earns almost $20 billion a month from energy exports. Since the end of March, many foreign buyers have agreed with her demand to pay for energy resources in rubles, and this has strengthened the exchange rate of the Russian currency", the television and radio corporation reports.
As noted, already high energy prices rose sharply after the start of the special operation in Ukraine, having a positive impact on the ruble. In addition, the Russian currency exchange rate was supported by a positive trade balance and effective measures by the Central Bank. Transition to rubles in the Middle East and Africa Vladimir Putin on March 23 announced the transfer of payment for gas supplies to the EU countries and other states that have imposed sanctions against Russia into rubles. Then he signed a corresponding decree and said that if «unfriendly» countries do not start paying in rubles from April 1, then Moscow will regard this as a default on gas contracts. According to the new scheme, Gazprombank opens special currency and ruble accounts for settlements of foreign clients. The buyer will be able to transfer funds to the first account in the currency specified in the contract for the supply of blue fuel, then the bank will sell it on the Moscow Exchange, after which it will credit rubles to the account of the buyer of gas, which will already pay Gazprom from it.Full text read the articles on the InoSMI website >>
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