But does that make any difference to cross rates? Assuming all exporters, including gas giant Gazprom, are already converting most of their income into rubles, incremental demand for the currency would be modest. Russia earned an estimated $340 million ($489m) daily just from its gas sales in the few weeks after the invasion, according to energy consultants Icis.
Payments are now propaganda as well as cash flow, however. Putin may see rubles from Europe as helping repair the shredded credibility of Russia's financial system. Russia wants the money to go through Sberbank and Gazprombank, which the West has spared from tough sanctions in return for Russian gas.
But Putin, by insisting on rubles, has committed a PR blunder worse than his lonely TV appearances amid the sterile emptiness of Kremlin staterooms. The move breaches contracts that specify euro or dollar payments. Russia complied with delivery contracts even during the tense Cold War of the late 70s and early 80s. Supply interruptions in 2006 and 2009 are considered embarrassing aberrations by Gazprom, says one Russian energy expert.
The weakness of the tactic is underlined by German plans to ration gas and to speed up substitution of Russian energy from other sources. Any short-term fillip to the ruble will be outweighed by longer-term damage to Russia's credibility as a counter-party.
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