NVDA Q3 Earnings Alert: Why our AI stock picker is still holding Nvidia stockRead More

Russia Says it Won't Immediately Implement Demand for Gas Payments in Rubles

Published 03/30/2022, 07:38 PM
© Reuters.
NG
-
GAZP
-
TFMBMc1
-

By Geoffrey Smith 

Investing.com -- Russia won't immediately enforce its demand that it be paid in rubles for its natural gas shipments, the Kremlin said on Wednesday.

"Payments and supplies - it's a process that stretches over time," the news agency Interfax quoted Kremlin spokesman Dmitry Peskov as saying. "It's not as if what is delivered tomorrow has to be paid for tomorrow." 

Peskov declined to give details of when exactly Russia would publish and enforce its new proposals, saying only that "the president has instructed it, and it will be implemented."

President Vladimir Putin has ordered Gazprom (MCX:GAZP) and the Russian central bank to have the necessary arrangements in place to receive payment in rubles from the start of April, while separate comments from other Russian politicians - including Peskov - were taken to indicate that supplies may be curtailed immediately after that date.

Peskov's comments come only hours after Germany announced the first steps toward rationing gas supplies, having earlier this week rejected the demand to pay in rubles as a "clear breach of contract."  

Benchmark European natural gas futures pared their gains after the remark, but were still up sharply on the day as market participants braced for a sharp reduction in gas flows from the continent's biggest energy supplier. By 7:20 AM ET (1120 GMT), Dutch TTF Futures for April were up 10.7% at 120.74 euros a megawatt-hour, slightly below their intraday high of 124.78 euros/MWh.

 

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.