Vladimir Putin’s demand for “unfriendly” nations to pay for natural gas in Rubles has yet to impact gas flows. The Kremlin has announced that this is a “prototype” and expressed confidence that the same policy will be extended to other goods and exports. The demand for Rubles does not make much economic sense, but it may simply be a way for Russia to skirt sanctions. Vladimir Putin’s insistence that “unfriendly” nations pay in rubles for natural gas is just the beginning of a Russian export policy that will see fewer U.S. dollars being used in transactions for goods, especially for energy, according to the Kremlin. Russia has set a March 31 deadline for the countries it considers “hostile” – including the United States, all EU member states, Switzerland, Canada, Norway, South Korea, Japan, and many others – to start paying in rubles for natural gas. Still, Europe continued to […]