Putin resorts to blackmail: Pay in Rubles for gas or will shut it off

After weeks of threats to cut off Western nations from its natural gas supplies, Putin sent a stern signal to EU as he warned that unless "unfriendly" foreign countries start paying for gas in Rubles Russia will halt their contracts/supply.

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The Kremlin chief signed a decree stating buyers "must open Ruble accounts in Russian banks" from Friday. "Nobody sells us anything for free, and we are not going to do charity either - that is, existing contracts will be stopped," the Russian president said.

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The EU is dependent on Russia for about 40% of its gas and 30% of its oil and has no easy substitutes. Meanwhile, Russia currently gets 400 million Euros per day from gas sales to EU and it also has no way of rerouting this gas anywhere else.

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