Moscow, (Business News Report)|| Russian President Vladimir Putin confirmed that his country will sell gas to Europe in ruble as soon as possible.
Putin said Russia has decided to convert payments for gas supplies to Europe into ruble.
Hw also made it clear that Russia is not interested in supplying Russian goods to the European Union and the United States and receiving payments in euros and dollars.
Vladimir Putin instructed the Central Bank and the Cabinet to determine the procedure for transactions with Europe in Russian rubles within a week.
The Russian President stressed that his country will continue to provide gas supplies according to the contracts concluded, despite the fact that a number of countries have taken “illegal decisions” to freeze Russia’s assets.
Russia sent a warning message to European countries that the Russian oil embargo will ignite prices to record levels.
Russian Deputy Prime Minister Alexander Novak said that global oil and natural gas markets could go into chaos and collapse in the event of sanctions and an embargo on Russian oil.
Novak stressed that energy prices will reach levels that no one would expect.
Speaking before Russia’s lower house of parliament, Novak also said that a ban on the Russian-led Nord Stream 2 gas pipeline project to Germany reflects foolishness and an underestimation of energy balances and will fuel inflation.
The Kremlin said on Monday that Europe would be hit hard in the event of an embargo on Russian oil, which would damage the continent’s energy balance, but not affect the United States.
Some European Union foreign ministers are pushing for an oil embargo as part of an escalation of sanctions against Russia after its invasion of Ukraine.
In statements to reporters, Kremlin spokesman Dmitry Peskov described the issue of any oil embargo as “a very complex issue.”
Oil prices rose in turbulent trading, on Wednesday, due to disruptions in crude exports from Russia and Kazakhstan through the Caspian Sea pipeline.
The price of Brent crude futures rose $3.13, or 2.7 percent, to record $118.61 a barrel by 1100 GMT.
The price had fallen earlier to 114.45 dollars a barrel.
