Russia Wants Gas And Oil To Be Paid In Rubles

 

Russia  had sanctions placed on it for the invasion of Ukraine. The response has been to have nations it considers unfriendly to pay for gas and oil in rubles. This is designed to counter the effects of sanctions. The problem for EU states is that a majority of gas is purchased from Russia. The US intends to sell more liquified gas to Europe. Both the US and Russia were competing for the European energy market. The sanctions on Russia have caused some harm to the countries that have supported them. Gas prices have increased putting strain on the average citizen. All countries are not willing to sanction Russia. India, China, South Africa, and the Central Asian countries have not imposed sanctions. The sanctions will harm the Russian population, rather than the leadership. The EU might not have their energy needs met. The conflict in Ukraine has a dimension of economic warfare. Part of the reason for the conflict is to exploit Ukraine's gas reserves. The ruble is losing value, but the dollar could gradually lose influence. Economic warfare between the EU-US block and Russia could destabilize world markets.