Putin’s roubles-for-gas demand is no serious threat to US dollar reserve status – here's why

By Kim Kaivanto, Senior Lecturer in Economics, Lancaster University

President Vladimir Putin’s demand that “unfriendly countries” henceforth pay for Russian gas in roubles has had several immediate effects. With the Europeans given one week to switch to paying in the Russian currency, it has driven up the price of natural gas, making it more expensive for them to maintain the sanctions regime.

The rouble has strengthened against the US dollar since the announcement from ₽107 to ₽99. And if European…

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