European leaders are bucking Russian strongman Vladimir Putin’s demand that the European Union and United States pay for Russian natural gas in rubles.
German Chancellor Olaf Scholz rejected the request and noted that it would represent a breach of existing contracts between the two powers. Europe depends on Russia for approximately one-quarter of its oil imports and 40% of its natural gas, and Putin was undoubtedly trying to use the dependency to shore up the falling ruble.
“My view is that we pay in euros because paying in rubles would be a way to avoid sanctions, so I think we keep paying in euros,” said Giavazzi. Since the war began, Russia has raised the notion of stopping natural gas from flowing into Europe, a development that would have major ripple effects across the global economy and energy markets.
“We have every right to take a matching decision and impose an embargo on gas pumping through the Nord Stream 1 gas pipeline,” Novak warned.
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