German Chancellor Olaf Scholz on Thursday ruled out Russia's demand that the EU and U.S. pay for Russian gas in rubles, arguing that most existing gas purchase agreements require payment in euros or U.S. dollars.
He said this after the Group of Seven summit, Politico reported.
"We looked into it to try to get an idea. What we've learned now is that there are fixed contracts everywhere that include the currency in which payments are made. And most of the time there's a euro or a dollar listed ... and that's what matters," Scholz stated.
Germany has drawn particular criticism for rejecting calls for an immediate embargo on imports of Russian gas, oil and coal, arguing that the ban would have a greater impact on the German and EU economies than on Russia's leadership.
Scholz also said the G7, led by the German rotating presidency, repeated in a joint statement its call for Russia to immediately stop all military action. The group also agreed to impose additional sanctions if necessary, but declined to offer any new measures.
"We agree to maintain sanctions for as long as necessary and monitor their effectiveness," Scholz said.
As reported, Belgian Prime Minister Alexander de Croo said that if Russia requires European countries to pay for gas supplies in rubles, the price should also be revised.
On March 23, Russian President Vladimir Putin instructed to accept payments for Russian natural gas supplied to "unfriendly countries" only in rubles.
