Germany has some advice for Russian President Vladimir Putin: think about the consequences of asking for energy payments in rubles.
Russia’s Putin said last week that “unfriendly” nations would be asked to pay for their natural gas in rubles — causing a spike in European gas prices.
By asking for payments in the Russian currency — rather than in dollars or euros, as is contracted — Putin is seeking to prop up the value of rubles, which sank in the wake of Russia’s invasion of Ukraine. The U.S. dollar is up almost 13% against the Russian ruble since Feb. 24, when Russia began its invasion of Ukraine, after spiking around 85% in early March.
However, Germany’s Finance Minister Christian…