BLOOMBERG reports:

Russia will start demanding payment for its natural gas shipments to states that it deems “unfriendly” in rubles, President Vladimir Putin said Wednesday at a meeting with his government.

“I have taken a decision to switch to ruble payments for our natural gas supplies to the so-called hostile states, stop using the compromised currencies in such transactions,” Putin said according to a transcript published on the Kremlin website.

Putin ordered the nations’ central bank to develop a mechanism to make ruble payments within a week, according to the transcript. Russia has earlier named the U.S., U.K. and members of the European Union unfriendly nations.

“At the same time, I want to emphasize that Russia will definitely continues to supply natural gas in line with the volumes and prices, pricing mechanisms set forth in the existing contracts,” Putin said.

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