Gas price in Europe exceeds $1,350 after Putin order to accept payment for gas in rubles

MOSCOW, March 23. (ST)- The price of gas in Europe exceeded $1,350 per 1,000 cubic meters after the order of Russian President Vladimir Putin to supply gas to unfriendly countries only for rubles, according to the London ICE exchange.

 

The April futures price at the TTF hub in the Netherlands rose to $1,353 per 1,000 cubic meters, or 118.75 euros per MWh (based on the current euro/dollar exchange rate, ICE prices are presented in euros per MWh).

 

Since the beginning of trading, the price of gas has increased by almost 20.3%.

 

Earlier on Wednesday, President Vladimir Putin said Russia would refuse to accept payment for natural gas supplies in “compromised” currencies, including dollars and euros, and would move to payments in rubles. The head of state stressed that future changes in gas contracts with unfriendly countries will only affect the currency of payment – it will be changed to the Russian ruble.

 

Putin instructed the government to issue a corresponding directive to Gazprom to amend existing contracts. The Finance Ministry and the Central Bank within a week should determine the procedure for the purchase of rubles on the domestic market by importers of Russian gas.

 

Source: TASS