Western sanctions against Putin over Ukraine defy logic: Kremlin

By Al Mayadeen Net
Source: Agencies
3 Apr 2022 15:45

Russia is now adopting an only ruble policy, forcing all gas buyers to exchange their money before purchasing gas.

Russia to sell more goods abroad for rubles: Kremlin

Russia will demand exported commodities be paid for in rubles after President Vladimir Putin aims to let natural gas be sold to the West using Russia's national currency, stated his Spokesperson on Sunday.

"It is still a prototype system [of payments] but I’m convinced that it will cover other groups of goods and it will take up a larger role in our foreign trade," Dmitry Peskov told a Rossiya 1 television show.

Putin argued that Western gas buyers are required to exchange rubles for euros or US dollars, continuing to pay in their preferred currencies as stipulated by gas contracts with the state Russian energy company.

"The final payment will go to Gazprom in rubles after these euros are converted to rubles," Peskov explained.

Western sanctions erode trust in dollar, euro

The Western sanctions strategy is hastening the depreciation of the world reserve currency, with an increasing number of countries exploring mutual settlements in national currencies, according to Kremlin Spokesperson Dmitry Peskov on Sunday.

"This is the erosion of confidence in the dollar and the euro, which have always been some kind of a spine for all international settlements. More and more countries, having doubts about the reliability of dollars and euros are inclined to develop options for mutual settlements in national currencies. This process cannot be stopped, it will go on increasing," Peskov told Rossiya 1 broadcaster.

Peskov went on to say that the international economy will eventually transition to a new system of monetary management, distinct from the Bretton Woods system.

Russia has no desire to complicate life of western countries

Russia does not want to burden the lives of Western partners who buy Russian gas since the government cherishes its reputation, according to Kremlin Spokesperson Dmitry Peskov.

“We don't want to make life difficult for our customers. Moreover, Russia has always been a reliable supplier. Russia values its reputation as a reliable supplier. Of course, we will not do anything that will undermine this reputation. Therefore, everything will be quick, clear, and understandable. This needs to be done. These are new rules and they need to be followed. Although I repeat once again, for European companies, well, de facto nothing will change. De jure it will be a different system," Peskov told Rossiya 1 broadcaster.

Peskov noted that paying for gas in rubles was made to avoid risks and secure Russian trade.

Regarding the possible shutdown of gas supplies to the West in case of refusal to pay in rubles, Peskov said that he “counts on the common sense of counterparties” who buy Russian gas, because such a move would threaten the economies of Western states.

Western sanctions against Putin over Ukraine defy logic

Sanctions imposed by the West on Russian President Vladimir Putin over the Ukraine crisis are inappropriate and lack sense, Peskov said.

"Honestly, no one imagined that sanctions would be imposed on a head of state. That does not happen. It is outside the boundaries of reason," Peskov told a Rossiya 1 television show.

He said the sanctions showed that the West was "capable of any foolish act."

Peskov, who has been sanctioned by the US, the EU, and Canada, said he was startled to see his children on the blacklist, but that it demonstrated that cosmopolitanism was "not very consistent with our traditions and ideals."

Russia & NATO

As the Draconian Western-led sanctions on Russia exacerbate the economic crisis worldwide, and as Russian troops gain more ground despite the influx of military aid into Ukraine, exposing US direct involvement in bio-labs spread across Eastern Europe and the insurgence of neo-Nazi groups… How will things unfold?