Alwaght- The national Russian currency has rocketed on Wednesday after a statement that Russia plans gas payment settlements in its ruble with some Western countries.
The Russian currency immediately rose to a three-week high of 95 rubles against the dollar, before settling below 100. It also gained 3.5 percent against the EU’s currency, trading at 110.5 rubles per euro, reported Russian broadcaster RT.
The ruble fell to historic lows immediately after the Western sanctions were announced on the Russian economy following Putin's order for Ukraine operation on February 24, dropping to record lows of 132 rubles per dollar and 147 rubles per euro on March 7. In mid-February, the currency’s exchange rate was around 75 rubles per dollar and 85 rubles per euro.
Now, Russia says it intends to quit settlements with "compromised" currencies because "unfriendly" actions by Westen partners put at stake its hard currency reserves.
The Russian leader, according to Russian media outlets, instructed the central bank and the cabinet to determine within a week the order of operations for the purchase of rubles on the domestic market by buyers of Russian gas. Putin added that Russia will continue to supply gas in accordance with the volumes and according to the pricing principles concluded in the contracts and that only the payment currency will change.
