17 Oct 2026
Europe refuses to pay for gas in Russian rubles
German Economy Minister Robert Habeck on Wednesday said if Russia insisted that existing contracts be paid in rubles rather than the agreed euro and dollar denominations, it would be in breach of contract as well as a war monger.
"We will not accept any breach of private delivery contracts, and I am pleased that companies agree," he said at a news conference.
Habeck also urged consumers to use gas sparingly, adding high prices had already reduced demand.
Chemicals major BASF said that its chemicals production hub in Ludwigshafen, Germany, could not withstand a 50% reduction in natural gas supplies, but would rather have to ramp down.
The price of gas in Europe rose above $1,400 per 1,000 cubic meters during Wednesday trading for the first time since March 24, according to data provided by London’s ICE.
The price of gas futures for April delivery at the TTF hub in the Netherlands went up to $1,412 per 1,000 cubic meters, or 123 euro per MWh (on the basis of the current euro exchange rate against the dollar, prices at ICE are in euro per MWh).
The total increase in the gas price since the trading started has reached 13.5%.
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