The EU is in serious difficulty after Russian President Vladimir Putin issued an order requiring hostile countries (the G7) to pay for their gas supply in Russian Rubles. The G7 countries have flatly rejected this proposal.
This action by Russia is intended to punish the west for attempting to drag the Russian people and economy to their knees in the hopes that they (the Russian people) would revolt and force Putin out of office. (Story continues below)
This plot to topple Putin by putting pressure on the Russian people via sanctions was disclosed momentarily when Biden announced in front of a small gathering of onlookers and a media scrum in Warsaw, Poland, that Putin and his government must be ousted.
After his comment put him in hot water with other NATO leaders, who saw it as an escalation of language and unhelpful in achieving peace between parties, Biden has subsequently walked back his statements.
Putin’s decision to accept the Ruble as payment for Russian gas would be disastrous for the EU’s powerful nations, who depend significantly on the Russian resource. Gas restriction is already in place in Germany and Austria as a preventative measure in response to this additional move.
Because western countries have extensively sanctioned Russian billionaires and the economy, the Russian Ruble has substantially risen in value since Putin’s action, rendering current western sanctions a failing strategy.
The G7 countries are gathering right now to attempt to impose further sanctions on Russia; we’ll have to wait and see how effective the additional penalties are.