EXPLAINER: What would paying for natural gas in rubles mean?
BERLIN (AP) — Russia is demanding payment in rubles for its natural gas exports to Europe. And that is rattling markets already in turmoil because of the war in Ukraine. High gas prices have gyrated further after the announcement by President Vladimir Putin last week. Western governments have rejected the proposal, saying gas contracts specify the currency and can’t simply be changed by one side. Some experts say the Kremlin might be seeking to gain added control over foreign currency that has become scarcer amid Western sanctions, while others say he’s bluffing. Things are so uncertain that Germany’s vice chancellor declared an early warning of a possible natural gas emergency.
