Posted on 03/31/2022 3:25:01 PM PDT by Hojczyk
Vladimir Putin today threatened to turn off Europe's gas supplies from tomorrow if countries refuse to pay in roubles.
The Russian President, announcing a decree in televised remarks, said foreign buyers would have to 'open rouble accounts in Russian banks' which can be used to pay for 'gas delivered starting from tomorrow'.
'If such payments are not made, we will consider this a default on the part of buyers, with all the ensuing consequences. Nobody sells us anything for free, and we are not going to do charity either - that is, existing contracts will be stopped,' he said.
The move has been seen as a bid to bolster the Russian currency, which fell to historic lows when the West applied sanctions after he sent his army into Ukraine on February 24. Western companies and governments have rejected the demands as a breach of existing contracts, which are set in euros or dollars.
Russia has been hit by sweeping sanctions on its economy and trade since the start of Putin's war in Ukraine but measures by EU governments have not targeted oil and gas contracts with Moscow because many member states are heavily reliant on the Kremlin's supplies.
(Excerpt) Read more at dailymail.co.uk ...
China will do it...even if it’s under the table.
bravo
India and China seem very willing to buy it. The oligarchs won’t starve anytime soon.
Nobody, not even China or India, is going to dare become dependent on Russia again. Petroleum is fungible and substitutable. But gas is a long term commitment.
I guess they’ll just have to depend on wind turbines, solar power, and unicorn farts for their energy demands.
But Russia is selling it to them for less than they get from Germany.
Yes, but their is no easy way out for both sides. If one side doesn’t want to sell, they are losing money. And if that side is more desperate for money, it hurts.
Gas is NOT a fungible product.
It depends on infrastructure and long term relationships, especially in this case, but this is a typical case. One can’t just whistle up some other set of tankers from elsewhere. Gas depends on pipeline systems connecting seller to buyer. In this case the pipes are set up to accommodate a single seller, which is terrible, but even with multiple sellers there is going to be big trouble is a big supplier drops out.
Unlike most of the world the US has a complex pipeline system accommodating multiple suppliers and multiple users, but still, California is in big trouble if Texas cuts off its Gas service.
Chaos will ensue, but that wont last long. Long term the relationship is over.
That’s not a slur to my knowledge. Slang maybe, never thought it was a slur
PREDICTION: In 2 years Europe will be thanking Putin for finally giving them the BACKBONE they needed to stand up to Greta and the Greens.
Maybe by the people who never fought them. For the last six months of the war, it was basically Germany against the rest of the world.
(And they certainly gave everyone a run for their money.)
“I have read that Germany lacks the facilities to obtain LNG shipments from other countries. However, did Germany do without Russian natural gas and oil in the Cold War era?”
Didn’t need it, since Greta hadn’t been born. Back then they had 15 nukes, and coal. Greta made them go to gas (less CO2) while they pursued their pie-in-sky dream of solar/wind. So they’re finishing the shutdown of the their nukes (last 3 this year, and the Greens will not budge on that), but may try to restart some coal plants (providing they’re not yet dismantled, as they are in the UK).
Lol…Pres Trump tried to warn them 😂
Transport capacity to send all the Russki gas presently sent to Europe, elsewhere, is not in place. Obviously that will eventually change, but, at the same time transport from alternate suppliers to Europe will ramp up too.
In Europe, the crunch will be next winter.
We’ll see. I doubt China will be stupid enough to become seriously dependent on Russian energy, unless the terms are vastly in China’s favor. Plus, while it may not appear so sometimes, China values the EU and US as customers far more than Russia. Russia is barely a blip, comparatively, rubles, yuan, or dollars.
The Germans are paying the Russians in Euros with the payments going to a sanctioned bank account.
The minute the payment goes in, the funds are frozen.
The Germans are getting free energy.
By forcing the ruble question, now the Euros are steered toward the Gazprom bank, which is NOT sanctioned.
The conversion to rubles is AFTER the Russians' desired result, which is the energy payment not getting frozen.
Thank you.
The Ruble has been around for 500 years. Yes, they want to be paid in rubles...as they are sanction free.
Daily Mail is one of the worst for twisting the facts to make their own story.
I recall their reporting on Melanna and they played her way down in how she dressed.
They’re so biased and don’t hide it.
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