The Russian Ruble Decree-Crisis: Can European Gas Buyers “Pay in Rubles without Paying in Rubles”? What May Be the Consequences if Not?
The Russian aggression in Ukraine has not only brought immense human tragedy, but also unprecedented uncertainty upon the European energy markets. Gas supply has emerged as a particularly weak spot of the entire European economy, being massively overdependent on Russian supplies. When Russian President Vladimir Putin issued the infamous Presidential Decree No. 172 of 31…