The Group of Seven major economies have collectively agreed to reject Moscow’s demand to pay for gas imports from Russia in rubles, according to German Energy Minister Robert Habeck. “All G7 ministers agreed completely that this [would be] a one-sided and clear breach of the existing contracts,” Habeck told journalists on Monday.

Russia’s foreign exchange reserves had to be kept abroad and nothing could have been done to avoid a freeze of the country’s dollar and euro assets, the central bank said in the latest question-and-answer post on its website.

President Putin says ‘unfriendly countries’ must switch to its currency by March 31 Russian President Vladimir Putin has authorized the government, the central bank, and Gazprombank to take the necessary steps to switch all payments for Russian natural gas from “unfriendly states” to rubles starting March 31.