Four European natural gas buyers have already paid Russia in rubles for supplies, complying with the country's demand to pay in its official currency, Bloomberg reported Wednesday.

This development emerged as Russia halted gas supplies to Poland and Bulgaria on Wednesday, spurring a 28% surge in European gas prices. Russia's Gazprom said the reason for the stoppage is that both countries didn't pay for supplies in rubles, an order President Vladimir Putin put forth last month.

The report didn't mention which four European buyers have made ruble payments. But Austria, which gets 80% of its gas from Russia, said Wednesday that deliveries are continuing unrestricted, according to Reuters.

Additional cutoffs — as a result of failure to meet Moscow's rubles-for-gas requirement — are unlikely until the second half of May, Bloomberg said, citing a source close to Gazprom.

Separately, the report said 10 European companies have opened accounts at Russia's Gazprombank as a means to meet Putin's payment demands. No company names were mentioned in the report.

Under a special mechanism, a requirement for companies wanting to receive Russian gas is that buyers should open special accounts at Gazprombank. These would allow for foreign currency to be converted to rubles for settlements.

Europe depends on Russia for around 40% of its gas supplies, but Moscow's demands have changed this trade dynamic. After Russia demanded payment for gas in rubles, some European governments said this would amount to a breach of contract and would avoid sanctions.

Germany is especially reliant on Russian energy, particularly the natural gas that's shipped directly through the Nord Stream pipeline network. The Bundesbank has warned that cutting out Russian gas would plunge Germany's economy into recession.

The European Union is considering an embargo on Russian energy, and says it wants to reduce its dependence on the country for imports. EU diplomats have said Gazprombank has been exempt sanctions so far so that gas imports can continue, the Wall Street Journal reported.

The Russian bank has also managed to escape the ban on the financial-messaging infrastructure SWIFT, which was aimed at cutting off Russia's economy from the rest of the world.

"So far, Russia has halted supplies to relatively small European countries, probably with the intention of sending a message to bigger countries, like Germany and France," Walid Koudmani, chief market analyst at financial brokerage XTB, told Insider.

"While the sudden interruption of Russian gas exports to Europe will have significant repercussions for the European economy, it will also be a blow to Russia as the country cannot replace exports to the EU with exports to other customers due to inadequate infrastructure," he added.

I wonder why the Rube is trading above its Normal Currency Band..
Could be … Hahahahaha

It appears J. Burns has folded his tent and left camp..... Houston2 is still here, maybe he will set us straight? lmao

Let Russia break their agreements... and in return EU countries will sue them for breach of contracts.
Even USSR under Stalin paid their bills...

Contracts says Euro or Dollar.... can't decide you suddenly want payments in rubble or carrots.

It appears J. Burns has folded his tent and left camp..... Houston2 is still here, maybe he will set us straight? lmao

Glad Burns left, what a fuggin clown.

Look at volume... there isn't any. Nobody buying rubble..

Once they have used up their saved up Euro/US to prop up their currency it will plummit.

Let Russia break their agreements... and in return EU countries will sue them for breach of contracts.
Even USSR under Stalin paid their bills...

Contracts says Euro or Dollar.... can't decide you suddenly want payments in rubble or carrots.

You can if you have the product and they want it! Let them sue and then try to enforce it. They still won't have any gas.

Look at volume... there isn't any. Nobody buying rubble..

Once they have used up their saved up Euro/US to prop up their currency it will plummit.

no one is suing anyone and yes, the are buying energy with rubes or not getting any. Bank on it.

Look at volume... there isn't any. Nobody buying rubble..

Once they have used up their saved up Euro/US to prop up their currency it will plummit.

Let Russia break their agreements... and in return EU countries will sue them for breach of contracts.
Even USSR under Stalin paid their bills...

Contracts says Euro or Dollar.... can't decide you suddenly want payments in rubble or carrots.

Look at volume... there isn't any. Nobody buying rubble..

Once they have used up their saved up Euro/US to prop up their currency it will plummit.

hey economic genius how is the US dollar and the euro fairing against the rouble the past few weeks?

Glad Burns left, what a fuggin clown.

It appears J. Burns has folded his tent and left camp..... Houston2 is still here, maybe he will set us straight? lmao

Unlike so many here, John Burns appears to have a life outside of banging on a keyboard and living at The Campfire.

Jmo

Well it’s all the way up to.13 cents so I guess there’s so much that can be said about that.

Let me know when you stock up on this currency of the future, the Ruble.

You can buy it OTC if I understand correctly and I believe that I do.

Let us all know how you do with it.

Keep your shorts On .. I do like the idea of the Gold Backed Rube .
This could be Tugg a War for bit ..
You do know when something Trades above it’s Range it just that ..
Nothing More .. Nothing Less ..
Of course if your a Drama Queen..
Hahahaha ..

hey economic genius how is the US dollar and the euro fairing against the rouble the past few weeks?

It appears J. Burns has folded his tent and left camp..... Houston2 is still here, maybe he will set us straight? lmao

74 Rubles = 1 usd$ or something like.013 cents. Yeah, akrange , that Ruble is blistering ass right on along and on a meteoric rise, ain’t it?

Tell us all how that affects Forex trading?
Where are other major currencies at now, like the Renminbi? How is trade with that country going?

You are a regular PHD in Economics. We are all waiting for your insight. /sarc

Ruble has fully re-stabilized...

This is a 1 year chart...

Tell us all how that affects Forex trading?
Where are other major currencies at now, like the Renminbi? How is trade with that country going?

You are a regular PHD in Economics. We are all waiting for your insight. /sarc

Ruble has fully re-stabilized...

This is a 1 year chart...

I’ve not done anything with FOREX but would appreciate your sharing what all you know about it.

There may be some pearls of wisdom in what you might can lend.

I’ve not done anything with FOREX but would appreciate your sharing what all you know about it.

There may be some pearls of wisdom in what you might can lend.

Here's how you tell the "real" value of a currency. You go on a big game hunt in Bumfuqk, Africa. While you're there, there's a rebellion and you have to bribe your way out of the country. What currency do you want in your wallet, USD, GBP, Euros or Rubles? The way that I listed them is the order of which I would want them.

Here's how you tell the "real" value of a currency. You go on a big game hunt in Bumfuqk, Africa. While you're there, there's a rebellion and you have to bribe your way out of the country. What currency do you want in your wallet, GOLD....... USD, GBP, Euros or Rubles? The way that I listed them is the order of which I would want them.

fixed it for you

Any of you Putinistas buying Russian bank stocks?

VTBR, SBER, GAZP?

I hear that they’re loaded up with Rubles and are backed up by gold.

Nobody? Hmmm...

https://markets.businessinsider.com...l-gas-ruble-payments-eu-sanctions-2022-4

There's two choices. Pay in rubles or freeze in the dark. Europe has brought this on themselves. There's a third choice; drill for their own damn oil & gas, but they're too deeply immersed in their green garbage nonsense, they can't change. Preferably, I'd just as soon watch them freeze in the dark.

And there are a whole lot of Americans that think we should do everything like Europe. miles

Any of you Putinistas buying Russian bank stocks?

VTBR, SBER, GAZP?

I hear that they’re loaded up with Rubles and are backed up by gold.

Here ya go John, from your own people:Rubes Baby!

The funniest thing about that is that it shows the Ruble has gained more against the dollar than any other currency!

There's two choices. Pay in rubles or freeze in the dark. Europe has brought this on themselves. There's a third choice; drill for their own damn oil & gas, but they're too deeply immersed in their green garbage nonsense, they can't change. Preferably, I'd just as soon watch them freeze in the dark.