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After facing enormous sanctions across the world for his invasion into Ukraine, Vladamir Putin has announced that countries who oppose his military campaign must now buy oil and natural gas in the Russian Ruble.
This change caused an immediate impact on European wholesale gas prices, going up 30% just Wednesday.
The ruble has seen a rise and fall in value in recent weeks, seeing a high of 95 to us dollars, and has fallen 20% since February 24th. large belief in the situation says it is an attempt to stop a freefall of the value of the ruble by forcing countries to buy the falling currency, ultimately stabilizing it.
COULD THIS MEAN THE END OF THE US PETROL DOLLAR?
SOURCES:
NY Post: Putin demands ‘unfriendly countries’ use rubles to buy Russian oil, gas
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