He would n’t would he? Decent FT explainer around the gas crisis. https://www.ft.com/content/f4699b68-cf17-4b97-aaf0-336b541bb7f1 Just thinking around the European gas supply issue a few thoughts from me: I guess the first question is why would Putin go thru the effort in trying to get Western countries to pay for gas and other commodities in rubles? And then threaten that if they fail to do this he will cut off gas supplies, thereby risking a European gas crisis. Why bother?
"There is already an 80%... requirement on exporters...then this number could easily be pushed up to 100% anyway. does not change much in terms of demand for roubles." CBR will be dictating the exchange rates! please see articles 7 and 10 of the decree.
Article 7 say about the acceptance of the payment. It says that the payment will be accepted ONLY if the currency converted into roubles according to the provisions of the article 6 or the article 10, paragraph a).
Finally, after that there is an article 10 paragraph a) that is talking about Central Bank of Russia. This paragraph a) gives the board of directors of the central bank of russia - CBR - the right to change the procedure for selling foreign currency!
If you transfer EUR to Gazprombank then they will convert it as CBR decide. This is Article 10 about. CBR will issue a new decree on converting at official rate, and then you will see new rates drawn by Moscow and even underpayments will occur. The only way is not to enter this "game"!
Moreover, by Article 9, Putin gave the government commission the right to issue permits for non-compliance with the gas payment procedure described in the decree, and the procedure for issuing such permits will be developed in 10 days.
This suggests that Putin is afraid and give himself a possibility of step back in 10 days. Putin clearly understands that such a decree is an example of an unprecedented economic terrorism.
By opening an account and handing over money, European companies will become hostages of the decisions of Gazprombank and the Central Bank of Russia, in other words, the procedure is an extortion on a global scale.
"There is already an 80%... requirement on exporters...then this number could easily be pushed up to 100% anyway. does not change much in terms of demand for roubles." CBR will be dictating the exchange rates! please see articles 7 and 10 of the decree.
Article 7 say about the acceptance of the payment. It says that the payment will be accepted ONLY if the currency converted into roubles according to the provisions of the article 6 or the article 10, paragraph a).
Finally, after that there is an article 10 paragraph a) that is talking about Central Bank of Russia. This paragraph a) gives the board of directors of the central bank of russia - CBR - the right to change the procedure for selling foreign currency!
If you transfer EUR to Gazprombank then they will convert it as CBR decide. This is Article 10 about. CBR will issue a new decree on converting at official rate, and then you will see new rates drawn by Moscow and even underpayments will occur. The only way is not to enter this "game"!
Moreover, by Article 9, Putin gave the government commission the right to issue permits for non-compliance with the gas payment procedure described in the decree, and the procedure for issuing such permits will be developed in 10 days.
This suggests that Putin is afraid and give himself a possibility of step back in 10 days. Putin clearly understands that such a decree is an example of an unprecedented economic terrorism.
By opening an account and handing over money, European companies will become hostages of the decisions of Gazprombank and the Central Bank of Russia, in other words, the procedure is an extortion on a global scale.