Germany's Scholz rejects Putin's rubles-for-gas demand

[Uncle Joe]

German Chancellor Olaf Scholz on Thursday dismissed Russia's demand that the EU and U.S. pay for Russian gas in rubles, arguing that most existing gas purchase agreements require payment in euros or U.S. dollars.

Russian President Vladimir Putin took the step on Wednesday, challenging Western efforts to punish Moscow for its Ukraine invasion by announcing that so-called "unfriendly" countries — a list including EU countries and the United States — will have to buy Russian gas imports in rubles. The move was seen as an attempt to prop up Russia's tumbling currency and potentially evade Western penalties.

Yet speaking at a press conference following a summit of the G7 advanced economies in Brussels, Scholz rebuffed Putin's request.

"We've looked at this to try to get an overview. What we have learned so far is that there are fixed contracts everywhere, which include the currency in which payments are made," Scholz told reporters. "And most of the time it says euro or dollar ... and that's what counts then."

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https://www.politico.eu/article/germanys-scholz-rejects-putins-rubles-for-gas-demand/