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Converting gas trade into rubles: what's the point anyway?

Belogoryev Alexey M. Deputy Principal Director on Energy Studies, Director of the Center for Energy strategic analysis and forecasting

On March 31, the InfoTEK telegram channel published a column by Alexey Belogoryev, Deputy Principal Director on Energy Studies of the Institute for Energy and Finance, on the topic: “Transferring gas trade into rubles: what is the point anyway?”

The Decree of the President of the Russian Federation of March 31, 2022 "On a special procedure for the fulfillment by foreign buyers of obligations to Russian suppliers of natural gas" makes a double impression. On the one hand, many breathed a sigh of relief: the real risk that pipeline gas supplies to Europe would stop was greatly reduced, and Gazprom no longer faces the danger of being drawn into multi-year litigation in the Stockholm Arbitration for violation of an essential contracts term (changes in the settlement currency).

On the other hand, for those people who took the decision of March 23 as the fulfillment of their long-standing dream of converting international trade into Russian rubles, there was a severe hangover. "A special execution order" has little to do with such dreams.

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