Putin: Turkey to pay 25% of Russian gas in rubles

Turkey is expected to pay 25 percent of its Russian gas imports in rubles after Russian President Vladimir Putin announcement on Friday, adding that the agreement would come into force soon, according to Reuters.

Putin’s announcement came during his meeting with Turkish President Tayyip Erdogan on the sidelines of the Shanghai Cooperation Organisation (SCO) summit in Uzbekistan.

Russia strived to execute as many transactions as possible in currencies despite of dollar and euros.

Moreover, it has demanded that payments for some gas exports be made in robles, in some cases in contravention of existing contract terms.

Noteworthy, Russia cut off gas supplies for several European Union member states including Poland and Bulgaria after refusing to make the ruble payments.