Russian President Vladimir Putin has threatened to cut gas supplies to Europe if the EU countries do not pay in Rubles.

In a meeting with allies following a phone call with European leaders, Putin said he is ready to have all contracts stopped by April 1 if the countries do not change their stance. He insisted that if unfriendly countries do not pay in rubles, “we will consider this a default on gas contracts” in which case the existing contracts will be stopped.

The Russian president said: “In order to purchase Russian natural gas, they must open rouble accounts in Russian banks.

“It is from these accounts that payments will be made for gas delivered starting from tomorrow.”

He added: “If such payments are not made, we will consider this a default on the part of buyers, with all the ensuing consequences.

“Nobody sells us anything for free, and we are not going to do charity either – that is, existing contracts will be stopped.”

The terms of the new plan for natural gas were confirmed by a source from Gazprom, according to Russia Today. “The proposed plan (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 by the buyer to Gazprom should be made exclusively in rubles.”

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