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00:00So this this comment then that the Russians are not asking for payments in rubles anymore is this a climb down from Putin over his ruble payment demands to Europe. Well as always it depends who you ask but if you talk to the Germans and yesterday their brief is call that Chancellor Scholz and Vladimir Putin had on the phone. They say that the Russian president made it clear to the chancellor that nothing would change in the contract. Germany of the rest of European countries by the way not just Germany could still continue to pay in euros. So if you ask the Germans then that means that Russia is indeed climbing down and some of it demands. Remember a week ago Vladimir Putin made it clear in a very short video that from now on it would be rubles for gas. That was a Russian policy when you look at the Kremlin readout. However it was very brief in detail. And it just said that the two leaders Germany and Russia agreed to continue doing technical work on the new systems of payments. By the way the Germans say they want this new system of payments in return. They want this written down. So they want to look at the fine print. But of course Anna if you move away from all of this critics will still tell you this makes no difference if you continue to pay in euros. But the Russia is able to convert that into rubles. In many ways you're still continuing to pay and finance this war. So critics in Europe particularly in Brussels will still tell you what we need as an energy embargo. And as you know Germany does not agree with that for the time being.

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Germany Says Putin Backs Away From Rubles for Gas Demand

Russian President Vladimir Putin is backing away from a demand that European buyers make gas payments in rubles, according to the readout of a call between Putin and German Chancellor Olaf Scholz. Bloomberg’s Maria Tadeo reports. (Source: Bloomberg)