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European Energy Prices Soar as Russia Seeks Rubles for Its Gas

March 23, 2022, 6:20 PM

European energy prices surged after President Vladimir Putin said Russia will demand payments in rubles from natural gas buyers it deems “unfriendly.”

Benchmark gas futures jumped more than 30%, followed by power and coal prices. Putin ordered the central bank to develop a mechanism to make ruble payments for gas within a week at a meeting with his government. While Russia named the U.S., the U.K. and members of the European Union as unfriendly nations, it said it will continue to supply gas in line with requests.

The announcement brought back fears about the stability of Russia’s supplies after a ...