Behind the headline is a qualifier that most will miss. “We will urge the companies affected not to follow Putin’s demand.” The problem for the G7 political leaders is that most of the transactions are between private companies. The heads of the U.S, France, Germany, Italy, Japan, Canada and the U.K, can stake a position, but the ultimate decision around the transaction in the hands of the private company buyers.
Russia can set the terms. Whether the G7 political leaders shout ‘breach of contract‘ is seemingly a moot point. In the big picture, the politicians have already breached the terms of prior trade agreements with sanctions. Russia can turn off the supply or demand payment in rubles as terms of sale.
BERLIN (AP) — The Group of Seven major economies agreed Monday to reject Moscow’s demand to pay for Russian natural gas exports in rubles.
German energy minister Robert Habeck told reporters that “all G-7 ministers agreed completely that this (would be) a one-sided and clear breach of the existing contracts” for natural gas, which is used to heat homes, generate electricity and power industry.
The energy ministers of France, Germany, Italy, Japan, the United States, the United Kingdom and Canada, as well as the European Union energy commissioner, met by videoconference and reaffirmed that contracts “must be respected,” with most stipulating payments be in euros or dollars, a G-7 statement said.
“Payment in ruble is not acceptable, and we will urge the companies affected not to follow (Russian President Vladimir) Putin’s demand,” Habeck said. (read more)
It seems odd the G7, who triggered the sanctions to hit Russia with financial damage and block SWIFT currency exchanges, would want to force Russia to accept euros or dollars for purchase. After all, they didn’t want Russia to have euros and dollars.
Unless, of course, those G7 ministers realize that by not using euros and dollars to trade energy supplies, the value of those currencies will necessarily diminish.
One could look at this demand by the G7 as a larger realization of what might happen downstream if they lose the petro-dollar as a control mechanism.
Are they starting to realize the unintended consequences they and NATO have created?
India and China just made big chess moves by: (1) India agreeing to purchase in rupees/rubles exchange; and (2) Beijing saying they will not adhere to the western sanctions.
It’s shaping up to be G7 -vs- BRICS…
Keep watching.
Wow!!
With the decay and decline of the West – the East will come into its own.
The East, as you call it, has always accounted for most of the world’s population AND(!) most of its tangible wealth…. So, it never really was “playing second fiddle.”
In reality the Global-7 leadership has no power over anything except making their own constituents miserable.
Today, footage showing a Ukrainian nationalist stabbing a man with his hands tied behind his back in the entrance of a house was shared online. In the process of murder, the sadist strikes the victim in the torso and eye sockets, causing inhuman suffering.
Video at the bottom of this page.
In Video 21+: Ukrainian Nazis Torture Prisoners Of WarSouth Front
Thank you for addressing this; I cannot watch the videos and am crushed at the evidence of evil the Ukrainian Antifa Nazi members are using without restraint from Zelensky the Pretender. Ukrainian “soldiers’ Antifa Nazi’s are tightly taping the captured Russian soldiers in tarps and blankets and then shooting them in the legs; as well as shooting them in the legs and feet as they step out of the vehicles Antifa transported them in.
Mercenaries who went to fight for “Ukraine / Zelensky “, being confronted with the wantonness of the fight are trying to get out but are being prevented fleeing by Antifa Nazi’s, Zelensky’s men, Putin warned of.
If we don’t pray now will they ignite Antifa USA ? The same Antifa Joe Biden says doesn’t exist.
I admit to being very skeptical of these videos. “Who and where exactly was the cameraman?”
It’s fine to be skeptical but to your point, these Ukrainian Nazis have been doing this for almost a decade. They have been harassing and torturing many in the eastern provinces of Ukraine. This is not new, heck, the MSM was reporting on it for years- until magically they were not:
Is the US backing neo-Nazis in Ukraine? | Salon.com (from 2104)
Ukraine Strategy Bets on Restraint by Russia – The New York Times (nytimes.com) (2014)
Ukraine’s Reins Weaken as Chaos Spreads – The New York Times (nytimes.com) (2014)
And a good summary (where I pulled those links) highlighting the Ukrainian nazi’s and their torture and murder of people from 2014:
NYT Discovers Ukraine’s Neo-Nazis at War – Consortium News
Phone cameras. Watch Ukraine On Fire documentary – it will open your eyes to the brutality of the Ukrainian leaders and their followers. NATO just supplied them with everything they need to destroy each other. For a more detailed history of Ukraine read the History of Ukraine starting from the 1600’s.
Beta Lefty Pantyfa boys are no match for Real Men. They would be targeted and Destroyed. Mostly Peacefully of course.
after last year if Antifa sticks their head out patriots will kill them .
These Ukraine Nazi torturers are the evil comrades of Canada’s Finance Minister, Chrystia
Freeland, who belongs in a gulag! …….oh wait! She’s in one in Canada, and so are we who live here.
The poor guy suffered horribly, beyond words. These are monsters of the ISIS caliber.
Russia has the products Europe and for that matter, the rest of the world needs, i.e, oil & gas, grain, fertilizer. The days of the EU, NATO and for that matter the USA thinking they are the biggest swinging dicks on the block are thankfully coming to a close.
USA thinks that it’s still the economic Big Man On Campus that could single-handedly manufacture everything needed to win a world war. But today it’s Fat Albert … and the whole world knows it. Also, the rest of the world was smart enough not to emasculate its own domestic industries in favor of “mammon.”
This nation just might be coming to realize that its survival(!) now depends on OVERTURNING the fraud and throwing the imposters out.
This is like demanding a drug dealer take foodstamps for your fix..
And in support!
Breach of Contract ? The West just confiscated Russia’s money, shut down the easiest international funding system (Swift). And now they claim asking to be paid in Russia’s own currency is a Breach of Contract.
If these clowns weren’t so destructive and dangerous, it would be laughable.
Read up on “Force Majeure”: LAW: unforeseeable circumstances that prevent someone from fulfilling a contract. Some discussion of whether Russia can void contracts for gas/oil due to SWIFT sanctions by countries who sanction them.
When the Satanists and dictators do things by force
and brutality, it takes them a while to recognize they have been noticed by their enemies, who are waking up and fighting back.
Thank you Sundance!
I would have never understood any of this without you explaining…seriously!
The idiots from the G7 do not seem to understand that in a sellers’ market, it is the seller that sets the rules. As far as natural gas is concerned, Europe [the buyer] needs Russia [the seller] a hell of a lot more than Russia needs Europe.
Ignorance of the facts and reality are the gateway to their demise. Trudeau has never even had a job. He’s a Pretty Boy…..a pretty stupid boy, whom we cannot get rid of now. Let that sink in.
these are all socialism leaders,
So? What do you think is trending in the countries shown in yellow? Can’t say they’ve achieved socialism / communism yet, but they sure are trying hard – thanks Klaus Schwab?
Maybe Doocy will ask Joe about it tomorrow.
Have fun being power-starved, or changing back to coal to cover your needs.
Sorry G7 – You followed the lead of Biden and Boris Johnson and attacked the currency and banking system of Russia, creating a ‘Force Majeure’ event. Consequently Russia has the legal right to alter terms and conditions for payment. If you don’t like that, find a different natural gas and oil supplier.
What a lineup at G7.
[types, deletes. . . .]
IKR?
The Federal Reserve is gearing up to bail out the next recession by buying stocks. (Among other things) This will inflate the stocks but bail out failing companies. It’s like a TARP loan to friendly corporations that support globalization.
The problem arises when the interest debt on these loans cannot be serviced.
It all comes tumbling down.
“We will urge”…
Urge: Such a forceful word.
Sadly for us, Putin is smarter than the leadership of NATO. If NATO does not make purchases in rubles, then they will be out of luck insofar as the resources provided by Russia are concerned. They should have thought about that back when they were making energy deals with Russia, but of course that was not the case.
Clearly the west is being outmaneuvered by one man.
Russia wins this battle in Court as west first placed sanctions on Russia.
So now legally the ability to trade energy in non-petrodollar currencies will be the law.
Way to go West and Biden team.
Yes, may drive up demand for green energy but at what cost to our economy/treasury?
Putin is 5 moves ahead of the reactionary west.