Vladimir Putin announced Thursday that Russia will no longer accept any foreign currency for purchases of its oil products in an attempt to buoy the failing ruble, Reuters reports.
“In order to purchase Russian natural gas, they must open ruble accounts in Russian banks. It is from these accounts that payments will be made for gas delivered starting from tomorrow,” Putin said in televised remarks.
Russia supplies about one-third of the petroleum products to European nations, meaning the buyers will have to convert Euros, pounds and dollars into rubles to make their purchases. The US and other Western oil producers are increasing its output to cover shortages.