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Putin informs Scholz about reason for switching to payments for gas in rubles — Kremlin

Summary:
MOSCOW, March 30. /TASS/. Russian President Vladimir Putin informed German Chancellor Olaf Scholz regarding the decision to switch to payments for Russian gas in rubles, the Kremlin press service reported. The two leaders had a phone conversation on Wednesday."Vladimir Putin informed the Federal Chancellor on the subject of switching to payments for gas supplies in Russian rubles, in particular, for Germany. The change in the payment procedure is being introduced due to the fact that, in violation of international law, the foreign exchange reserves of the Bank of Russia were frozen by the EU member-states," the statement said.Besides that, Putin and Scholz agreed that the transition to paying for Russian gas in rubles will discussed by experts from the two countries.…Germany needs energy

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MOSCOW, March 30. /TASS/. Russian President Vladimir Putin informed German Chancellor Olaf Scholz regarding the decision to switch to payments for Russian gas in rubles, the Kremlin press service reported. The two leaders had a phone conversation on Wednesday.

"Vladimir Putin informed the Federal Chancellor on the subject of switching to payments for gas supplies in Russian rubles, in particular, for Germany. The change in the payment procedure is being introduced due to the fact that, in violation of international law, the foreign exchange reserves of the Bank of Russia were frozen by the EU member-states," the statement said.

Besides that, Putin and Scholz agreed that the transition to paying for Russian gas in rubles will discussed by experts from the two countries.…

Germany needs energy imports. Russia wants to get paid. Wanna bet they'll work it out.

Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

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