Vladimir Putin threatens to turn off Europe’s gas supplies today if countries refuse to pay in roubles
VLADIMIR Putin is threatening to turn off Europe’s gas supplies today if countries refuse to pay in roubles.
The move would plunge world energy supplies into chaos, spark a huge spike in prices and add to the cost of living crisis.
Payment in roubles would allow Russia to shore up its ailing national currency.
Boris Johnson and other leaders vowed not to give into “blackmail” and to stick to euros and pounds, but parts of Europe were being placed on red alert in case energy supplies run low.
Germany, which buys more than half its gas from Russia, has already urged families and businesses to ration use.
Putin delivered a chilling ultimatum in a ranting TV address yesterday, saying all foreign countries should open rouble accounts in Russian banks.
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These can be used to pay for gas delivered “starting from tomorrow”. He added: “If such payments are not made, we will consider this a default on the part of buyers, with all the ensuing consequences”
Britain buys only around four per cent of its gas from Russia.
But we would be hit by global price hikes if Moscow, one of the world’s biggest gas suppliers, turned off supplies.
Inflation is expected to hit 8.7 per cent this year. Further pressure on energy supplies would send it soaring even higher.
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Business Secretary Kwasi Kwarteng is today expected to announce the release of at least two million more barrels of oil from reserves to ease prices.
It follows the US decision to release one million barrels a day.
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