Countries globally may soon have to create ruble reserves within their domestic economies if they wish to continue to buy Russian gas, as Moscow switches payments to its national currency, Ilya Ilyin, the head of the banking and financial markets analysis department at Promsvyazbank said on Thursday.

Washington has eased sanctions on Russian agricultural products, including fertilizers, placed on Moscow over the crisis in Ukraine. The move aims to protect US farmers from a shortage of chemical products as food prices in the country continue to soar.

Italian Prime Minister Mario Draghi said on Thursday that his country was offered to serve as a guarantor of the prospective peace deal between Russia and Ukraine. This week, the parties held another round of talks in Istanbul, Turkey, to end Moscow’s military campaign in the neighboring country.