Looks like Putin wasn't bluffing.
By Tyler Durden: Contrary to expectations that Vladimir Putin was bluffing about collecting rubles in exchange for Russian energy exports, moments ago a decree signed by the Russian president confirmed that that was not the case.
Putin's decree follows an earlier report in the Russian press that Gazprom was studying options of halting gas supplies to Europe amid RUB payment issues. It also follows comments from the Kremlin which suggested that it would look into the idea from lawmakers to ask other nations to pay for a wider range of Russia exports in rubles.
Indicating
Russia's operational readiness to follow through with the plan,
Interfax adds that Putin has ordered for special accounts for gas
payments to be opened at Gazprombank which will sell gas FX on a Moscow
exchange.
In kneejerk response to the news, US nat gas prices spiked - perhaps in anticipation that much of US output will now be LNG-ed over to Europe, potentially creating a US shortage in due course...
... while oil also rose from session lows following the latest SPR release jawboning which has yet to be confirmed by the White House.
Finally, now that it appears the ruble will have to be purchased by western powers, the currency has completed its roundtrip to pre-invasion levels.
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