European gas prices jumped on Wednesday after Russian President Vladimir PutinVladimir Vladimirovich PutinDefense & National Security — US says Russia committed war crimes in Ukraine European gas prices jump after Putin says ‘unfriendly’ countries must pay in rubles Zelensky calls for global rallies to stand with Ukraine MORE said “unfriendly” countries must pay for gas in rubles.
Some European countries, such as the United Kingdom and the Netherlands, saw their wholesale gas prices go up 30 percent, Reuters reported.
The ruble also went up to 97.7 against the dollar, although it is still 22 percent below its value before the war.
These actions occurred after Putin announced gas needed to be paid in rubles in retaliation for the sanctions the West have put on Russia.
“Unfriendly countries” include the U.S., members of the European Union, Britain, Japan, Canada, Norway, Singapore, South Korea, Switzerland and Ukraine.
Putin said these countries have made “illegitimate decisions on the so-called freezing of the Russian assets” and it “made no sense” to give goods and not receive payment in rubles.
Europe gets 40 percent of its natural gas from Russia, while the U.S. has already announced it would be halting imports of Russian oil.
Thousands have died and millions have fled to escape the fighting that began in Ukraine on Feb. 24.
The U.S. on Wednesday said it found Russian troops had committed war crimes in Ukraine as Russian forces have targeted residential buildings and hospitals.