Under the terms of his decree, foreign buyers of Russian gas will be required to open bank accounts both in their own currency and in roubles with Gazprombank, Russia's third-largest lender.
The Kremlin has already shown its willingness to throttle supplies to the west. One reason why the UK's household energy price cap rises tomorrow is because, in the year to February 2022, wholesale gas prices more than quadrupled after Russia throttled gas supplies to Western Europe at various points in the year.
Moscow receives up to €800m from EU customers each day for its gas. Wave goodbye to that, and Mr Putin's war effort is even more severely hobbled.Related Topics
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