After this announcement of Russia, there was an uproar in the western countries, a sudden rise in the Russian currency ruble

War is raging between Russia and Ukraine.  Many countries in the world, including the United States, are imposing economic sanctions on Russia.  However, many countries, including Germany, France, and Britain, are still dependent on Russian oil and gas.  With this in mind, Russia declared that any country in the world that wants to trade with it must do so in rubles.

The announcement has caused a stir in the West.  Many countries in the world are opposing Russia's decision while some are now leaning against Russia's decision.  Last Thursday, Russian President Vladimir Putin issued an order requiring European countries to open accounts in Russian banks for Russian gas.  At the same time, it was also said that if payment is not made in rubles, they will treat it as default.  Putin's new order means that Western companies will now have to transfer their currency to Russian banks.  Russia's order came into force on April 1, 2022.

Meanwhile, Slovakia has now announced that it will pay it in rubles, as demanded by Russia.  Slovakia's economic minister Richard Sulik said his country was 85 percent dependent on the Russian ruble and could not deny it.

The ruble has appreciated since Putin said he would only trade in rubles.  Earlier, on February 24, when the war broke out, the Russian ruble depreciated sharply.  After Putin's announcement to trade in rubles, its value rose against the dollar.  It has reached 85 against the dollar.

Until now, most of the trade around the world has been in US dollars.  But when the United States announced sanctions on Russia, Putin decided to trade in his own currency to counter it.  The advantage of this is that it will strengthen Russia's currency and give Russia more cash.

In such a scenario, if sanctions are tightened, it will only hurt the dollar and the euro.  This will also have the effect of ending the international monopoly of the dollar.  One third of Europe's oil and gas is imported from Russia.  If European countries agree to pay in rubles, global demand for the ruble will increase.  This will make Russia stronger.  Russia Bank has also chosen Gazprom Bank for transactions with foreigners.

Russia clearly states that no one gives us anything for free and we do not run any charity.  What is special is that the West is caught up in Putin's ploy.  Recently, Russian Foreign Minister Sergei Lavrov visited India.  He said he wanted the transaction to be done in rupees and rubles.  The currency that showed the fastest growth and the best performance in March is the ruble.