The president signed a decree on Thursday that states non-friendly countries and regions will have to open ruble accounts in Russian banks to access the country's natural gas.
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Vladimir Putin said the new regulation would come into force on April 1. The decision was made in response to a large number of sanctions imposed against the country in the aftermath of Russia's military operation in Ukraine.
The Russian president said, "if such payments are not made, we will consider this a default on the part of buyers responsible for all the ensuing consequences. No one sells us anything for free, and we are not going to do charity either".
In this regard, he said that the West uses the financial system as a weapon, stating that Western companies refuse to enter into contracts with Russian entities and individuals. There is no point in using the currencies of Western countries, as Russia is currently facing a freeze on its assets in dollars and euros, the president also said.
The president said that this change of payments for Russian gas to rubles would ensure the reinforcement of Russia's economic and financial autonomy. He also said that the country is committed to further efforts to expand the share of foreign trade transactions settled in rubles and the currencies of trusted partners.
Last week, the president said Russia would only take rubles for its natural gas supplies to unfriendly countries and regions, including members of the European Union and the U.S. Some countries in the EU have rejected Russia's new gas trade regulations.
Since the end of February, when Russia launched its special military operation in Ukraine, Western countries have imposed a large number of illegal sanctions on Moscow as punishment. In light of the freezing of Russian assets, the credibility of Western currencies has been damaged, Putin added.