EXPLAINER: What's next for Europe's natural gas during war?
The Kremlin offered what could be seen as a loophole. Importers would simply have to establish an account in dollars or euros at a designated bank, then a second account in rubles. The importer would pay the gas bill in euros or dollars and direct the bank to exchange the money for rubles.
German officials wouldn't discuss the impact of Putin's decree other than to say they were examining it. Economy Ministry spokeswoman Beate Baron noted that Russia’s Gazprombank has been given 10 days to explain the procedure, “and of course we will in turn look carefully at that.” after the invasion. But gas exporter Gazprom already has to sell 80% of its foreign earnings for rubles, so the boost to the currency could be minimal.One motive may be political, said Stefan Meister, head of the program on international order and democracy at the German Council on Foreign Relations.
“So I think that this is also about getting support inside the country, defining who are the enemies,” Meister said.
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