European gas futures have reached $1450 per 1000 cubic metres following Russian President Vladimir Putin's statement on ruble payments, according to the London-based ICE exchange.
The price of April futures on the TTF index reached $1448.
The price of April futures on the TTF index reached $1448.
This comes minutes after Putin announced during a virtual meeting with his cabinet that he'd signed a decree regulating the gas trade with so-called "unfriendly" states, which means that countries willing to continue purchasing Russian gas should open bank accounts in Russian banks and pay in rubles.
Earlier in March, Putin said that the countries that previously imposed sanctions against Russia over its special operation in Ukraine would have to pay for their natural gas purchases in rubles. He instructed Gazprom, the Central Bank and the government to switch to payments in rubles by 1 April.