Turkey and Russia have reached an agreement on mutual settlements in national currencies, including in the energy sector. This was stated on Tuesday by the Minister of Energy and Natural Resources of Turkey Fatih Donmez. “Our trade with Russia continues in many directions. Energy is undoubtedly one of the biggest items of expenditure, but it
Deputy Chairman of the Security Council of the Russian Federation, Dmitry Medvedev, called on people to save money in rubles, pointing to the equalized euro and dollar exchange rates. In his Telegram post, Medvedev spoke about the euro and dollar exchange rates, which have equalized for the first time in 20 years. According to the
Gas supplies from Russia to Finland will stop at 7 am this Saturday, as reported by the ‘Gasum’ Finnish company. “In the afternoon on Friday, May 20, Gazprom Export informed Gasum that natural gas supplies to Finland under the agreement will be terminated on Saturday, May 21, 2022, at 07.00,” the message reads. Gasum Oy
German Economy Minister, Robert Habeck, reported that the German subsidiaries of Gazprom have stopped receiving gas from Russia since May 11, 2022. “Yesterday [on May 11] in the evening, at about 10.30 pm, Putin published a decree according to which European enterprises are subject to sanctions. In Germany, Gazprom and its subsidiaries no longer receive
Russian experts are working on a project to create a two-loop monetary and financial system in the country, according to the Secretary of the Security Council, Nikolay Patrushev, in an interview with Rossiyskaya Gazeta. Patrushev explained that the project involves the provision of the Russian currency with both gold and a range of goods representing
Hungarian Foreign Minister, Peter Szijjarto, confirmed to CNN that his country will use the payment scheme introduced by Russia for Russian oil and gas. “85 per cent of our gas and 65 per cent of our oil come from Russia. Why? Because it is determined by the infrastructure. This is not for entertainment, we did
Russian President, Vladimir Putin, instructed on Monday, April 18, to accelerate the transition of Russia’s foreign trade to rubles and national currencies of other countries. He noted that the restrictions imposed by unfriendly countries against the Russian Federation “affected the opportunities of domestic business, hindered the logistics of export and import supplies, and also created
Russia has offered Europe to continue paying for gas in euros, but through a Russian bank and with the mandatory opening of a ruble account. Several sources explained that for unfriendly countries, the payment from the buyer to Gazprom would have to be made exclusively in Russian currency. The sources do not indicate which bank
The speaker of the State Duma, Vyacheslav Volodin, proposed to expand the list of export goods for which payment can be taken in rubles. He offered to sell not only gas for rubles, but also fertilizers, grain, oil, coal, metals, and timber. In his Telegram channel, Volodin called on European politicians to “stop looking for
A system allowing direct rupee-ruble payments in trade between Russia and India could be launched this week, the president of the Federation of Indian Export Organizations (FIEO), A Sakthivel, told. According to the official, the Indian government is working on a proposal to allow up to five nationalized Indian banks to be engaged in the
The Group of Seven major economies collectively agreed to reject Moscow’s demand to pay for gas imports from Russia in rubles, and now Germans have been already advised to put on sweaters and set the temperature at home equal to the outside one. Russian President Vladimir Putin has authorized the government, the central bank, and
Today, at the meeting with Government, Russia’s President, Vladimir Putin, announced a decision to transfer payments for gas supplies from Russia to Europe into rubles as soon as possible. According to the head of state, Russia will refuse to accept payment for natural gas supplies in compromised currencies, including dollars and euros. Putin noted that over
The Bank of Russia announced the suspension of currency purchases on the market as part of the budget rule in order to “reduce the volatility of financial markets.” The decision to stop purchases was made after a sharp decline in the ruble exchange rate. During the auction on January 24, the dollar value exceeded 79
