Gas in Europe jumped 10% on Russia’s decision to transfer payment for gas in rubles.

 The spot price of gas in Europe jumped by 10% on the announcement of Russia’s decision to require payment for gas exports in rubles. This contributed to an increase from over the previous day of over 25%. Following a statement by Russian President Vladimir Putin on the decision to oblige gas buyers from unfriendly countries to buy rubles on the Russian market to pay for gas supplies, the price of the nearest (April) futures on the ICE Futures exchange rose to $1359 per thousand cubic meters. The day before, gas trading on the spot market ended at $1,077.