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In 2018 about 6% of Russian gas supply to Europe was as LNG. [24] In response to Russian military buildup and recognition of Ukrainian separatists, Germany cancelled opening of the Nord Stream 2 in February 2022. The 2022 Russian invasion of Ukraine prompted international sanctions, leading to a currency crisis in Russia.
EUR/Ruble exchange rate (Rubles per Euro. On 23 March 2022, Russian President Vladimir Putin announced payments for Russian pipeline gas would be switched from "currencies that had been compromised" (that is, US dollar and euro) to payments in roubles when the transaction involved a country formally designated "unfriendly" previously, which included all European Union states; on 28 March, he ...
Following the dissolution of the Soviet Union in 1991, the Soviet ruble remained the currency of the Russian Federation until 1992. A new set of coins was issued in 1992 and a new set of banknotes was issued in the name of Bank of Russia in 1993. The currency replaced the Soviet ruble at par and was assigned the ISO 4217 code RUR and number 810.
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Russian gas has been replaced by liquefied natural gas (LNG) imports: the United States has increased its slice of the EU gas market to 56.2 bcm in 2023 from 18.9 bcm in 2021 while Norway grew its ...
The share of oil and gas in Russia's exports (about 50%) and federal budget revenues (about 50%) is large, and the dynamics of Russia's GDP are highly dependent on oil and gas prices, [224] but the share in GDP is much less than 50%. According to the first such comprehensive assessment published by the Russian statistics agency Rosstat in 2021 ...
European gas prices hit a new record high on Tuesday after a pipeline that brings Russian gas to Germany switched to flow east, a move the Kremlin said had no political backdrop, while two big ...
"Petrocurrency" or (more commonly) "petrodollars" are popular shorthand for revenues from petroleum exports, mainly from the OPEC members plus Russia and Norway.Especially during periods of historically expensive oil, the associated financial flows can reach a scale of hundreds of billions of US dollar-equivalents per year – including a wide range of transactions in a variety of currencies ...