December 31, 2022

Russian President Vladimir Putin signed a decree on Friday allowing “unfriendly” Western countries that have placed sanctions on Russia to pay their debts for natural gas supplies in foreign currencies instead of rubles. The decree was published on the government’s official portal for legal information.

The new document amends a presidential decree from March, which required all payments for Russian gas to be made in Russian currency. At the time, President Putin said foreign governments were using their currencies “as weapons,” meaning Russia should not use them in settlements. The March decree came shortly after Western states introduced sanctions against Russia over its military operation in Ukraine. The restrictions made it nearly impossible for Russia to carry out transactions in euros and dollars.