ANOTHER DEVILS ADVOCATE

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Tag: Gas

Russia threatens to stop supplying gas if not paid in roubles

Western companies and governments have rejected Russia’s demands to pay for gas in roubles as a breach of existing contracts, which are set in euros or US dollars.

Since Russia invaded Ukraine, Western nations have issued economic and trading sanctions on Russia, but the European Union has not placed bans on oil or gas, unlike the US and Canada, as its member nations rely heavily on it.

The EU gets about 40% of its gas and 30% of its oil from Russia, and has no easy substitutes if supplies are disrupted.