US President, Joe Biden, issued an order to pump 1 million barrels a day from strategic oil reserves for six months, in an "unprecedented" decision in US history in an attempt to stem the rise in oil prices, the White House said.
This release of black gold is expected, according to the US presidential announcement, to serve to "transition until [US] production rises at the end of the year."
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A few hours' deadline from Putin to Westerners for gas payments in rubles
Decree on gas trade with unfriendly countries, was signed by Vladimir Putin at noon on Thursday, after working out the plan proposed by the Central Bank of Russia and Gazprom.
According to what the Russian president said, for Western countries to be able to buy gas from Russia, they must open accounts in Russian banks that are not under sanctions.
Putin added that Russia will consider non-fulfillment of obligations under gas supply contracts by "unfriendly countries" if they do not pay in rubles from April 1.
"Existing contracts for the purchase of Russian gas will cease to be valid in case of refusal to pay in rubles," Putin said. "Some European politicians seem ready to neglect the interests of their citizens just to satisfy their transatlantic master," the Russian president added, taking jabs at Europeans' collusion with the US.
The terms of the new gas plan were also confirmed by a Gazprom source, according to Russia Today. "The plan proposed (and eventually signed) requires the mandatory opening of accounts in a Russian bank by a foreign buyer of Russian gas," a government source said. "Payment from the buyer to Gazprom will have to be made exclusively in rubles."
It is worth noting, however, that yesterday the Kremlin made it clear that Russia will not immediately ask other countries to pay in rubles for gas imports, promising a gradual transition and noting that Moscow will work on the idea of expanding the list of products it exports for which it will ask to be paid in rubles.
In addition, Mario Draghi said today that, following a phone call with Putin, he received assurances that existing gas contracts remain in place with Europe, and that they will continue to be paid in euros or dollars.
Source: Proto Thema
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