On March 31, Russian President Vladimir Putin signed a law requiring unfriendly countries to pay for Russian gas purchases in rubles from April 1. Additionally, Putin warned that Russia would stop supplying gas to countries that do not pay in rubles for gas purchases. On April 3, the Kremlin announced that it would continue to expand the list of trade goods to be paid for in rubles, from natural gas to other products. Kremlin spokesman Peskov said these requirements were not intended to harm other countries. He also emphasized that these changes were aimed at protecting Russia’s trade.
Russia’s move could be seen as an attempt to increase the ruble’s value after it dropped sharply since the war with Ukraine began. Also, it could be seen as a backlash against economic sanctions by Western countries and an attempt to damage the U.S. dollar’s key currency status.
According to Reuters Bloomberg, on April 27, Russian state-run gas company Gazprom stopped supplying natural gas to Poland and Bulgaria after not paying for gas in rubles. Gazprom warned that the stoppage would continue until the two countries agreed to pay in rubles. Many European countries are highly dependent on Russian fuels like natural gas. For this reason, Russia’s offer can be threatening to such countries. According to Eurostat, the E.U. statistical organization, the proportion of Russian crude oil imported to the E.U. reached 25.7% as of 2020. Imports of Russian Natural Gas (LNG) accounted for 38.2%, and coal imports accounted for 49%.
G7 nations responded negatively and agreed to reject Russia’s demand to pay in rubles. German Economic and Climate Minister Robert Habeck said that the rubles payment was unacceptable. Moreover, G7 energy ministers agreed that this was a clear and unilateral violation of existing contracts. However, in the case of Germany, which is highly dependent on Russian gas, Russia’s payment method cannot be ignored entirely. Therefore, German gas company, Uniper and Austrian energy company, OMV said they were seeking ways to meet both Russian demands and European Union sanctions. Experts judged Russia’s energy weaponization could have short-term success, but it would eventually cause long-term damage.
저작권자 © 영남대학교 언론출판문화원 무단전재 및 재배포 금지
