Putin fights sanctions with new energy rules

President Vladimir Putin decreed that countries must pay for Russian natural gas in rubles, requiring them to convert currency through Russian banks. The decree applies to countries Putin deems “unfriendly” for imposing sanctions on many Russian banks over the invasion of Ukraine.

Will other nations comply? The European Commission’s energy chief tweeted Friday that the EU is working to “establish a common approach” in light of the requirement, which does not take effect immediately. Several European countries rely heavily on Russian oil and gas for heating and electricity, and roughly half of Russia’s federal budget stems from energy revenue. In a virtual EU summit Friday, Chinese officials refused to levy sanctions against Moscow and repeated Kremlin propaganda, blaming the U.S. and Ukraine for giving Putin no choice but to invade. China has continued a “no limits” trade partnership with Russia, though the majority of its trade is actually with EU nations.

Dig deeper: Read Esther Eaton’s report in The Stew about alternatives to Russian-sourced energy.