Russia’s gas-for-rubles payment schedule explained

The process of transitioning to rubles in gas payments will be gradual and without haste, according to the Kremlin
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New settlement will be implemented in stages, Kremlin says

Russia won’t be seeking gas payments from “unfriendly states” in rubles immediately, Kremlin spokesman Dmitry Peskov said on Tuesday, noting that the switch is likely to be a “gradual process.”

“Nobody is in a rush,” Peskov told reporters. He explained “This is the move in stages, very cautious, with consideration of financial and economic realities existing on global markets. Certainly, there is no room for sudden changes.”

According to Peskov, this must be an “absolutely thought-out, gradual and carefully calibrated activity. It is impossible to act otherwise.”

On March 31, Russian President Vladimir Putin signed a decree that provides for a new procedure of payments for Russian gas by buyers from unfriendly countries from April 1. The measure concerns countries that imposed economic sanctions on Russia and froze Moscow’s foreign reserves. Putin also indicated that all of the nation’s energy and commodity exports could soon be priced in rubles.

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