Putin will listen to proposals on RUB payments for gas on Thursday

Putin the wolf of gas meme

Reuters reports that Russia plans to maintain contract prices for gas exports but the payments will be made in rubles at the euro or dollar-equivalent rate, according to one leading option.

The report cites two Russian sources and said it will be Putin who makes the decision after he’s presented with the proposals on Thursday.

European countries appear to be balking at demands to pay in rubles but Russia has threatened to turn off the taps if they don’t. Today Germany triggered an emergency plan to ration supplies if there’s no agreement.

Comments from the Kremlin indicate that any switch won’t be immediate. “Payments and delivery is a time consuming process,” spokesman Dmitry Peskov said earlier today. “This is more of prolonged process.”

Russia may also be moving towards pricing other exports in the same way.

Earlier today the ruble touched the pre-invasion level of 76.50 but it’s since fallen to 84.0 vs the USD.

Read More: Putin will listen to proposals on RUB payments for gas on Thursday

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