Putin signs decree demanding ruble-payment for gas. Payments to start tomorrow

Read full post at forexlive.com

Putin wasn’t bluffing. He said that the taps will be turned off for those who don’t make the payments in rubles. He didn’t specify that they would be cut off immediately but said that if payments aren’t made, they will stop existing contracts.

Yesterday, there were Russian reports saying this would be phased in. His comments suggest otherwise but I’ll wait for the fine print.

This is bullish for European natural gas prices.