31 March 2022

Vladimir Putin was explicit that the contracts for Russian gas will be void if payment for it is not made in roubles.

This has particular significance as the price the EU is paying under the current contract is much lower than the open market spot price that would otherwise be charged.

If EU and UK politicians refuse to pay in roubles it will result in economic, industrial and social hardship. Industries will shut, people will be cold, power cuts might be commonplace, economies will collapse, there will be rioting in the streets and the electorate will reject them.