Putin Decrees Gas for Roubles only, Energy Markets Tremble, Germany Shakes

Putin Decrees Gas for Roubles only, Energy Markets Tremble, Germany Shakes
News Topic 451

The German economic miracle no longer exists

The German economic miracle no longer exists

It is a surreal situation. The ECB is still conducting quantitative easing and holding rates at an historic low of minus 0.5pc, severely damaging the business model of the German savings and cooperative banks. These provide 90pc of total credit to the Mittelstand family firms, once the bedrock of the German Wirtschaftwunder, but are now under mounting stress.

Putin Signs Decree Ordering Gas Exports To Be Halted If Buyers Don’t Pay In Rubles

Putin Signs Decree Ordering Gas Exports To Be Halted If Buyers Don’t Pay In Rubles

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. According to Bloomberg, Putin said he had signed a decree demanding payment in rubles for Russian gas supplies, which is set to begin April 1 as previously reported.