Heading towards World War III?

Russia will seek payment in roubles for gas sales from “unfriendly” countries, President Vladimir Putin said on Wednesday, sending European gas prices soaring on concerns the move would exacerbate the region’s energy crunch.

Putin said the West had "undermined the reliability of their currencies" after the freezing of Russia's assets by foreign nations.

Meanwhile, Russian Foreign Minister Sergei Lavrov called the Western sanctions on Russia’s Centrabank a "thievery" while meeting with students at Moscow’s institute on international relations (MGIMO).

European countries’ dependence on Russian gas and other exports has been thrown into the spotlight since Moscow’s Feb. 24 invasion of Ukraine and the subsequent imposition of Western sanctions aimed at isolating Russia economically.

Russian President Vladimir Putin on Wednesday gave the country’s central bank and government one week to come up with a way to switch payments for Russian gas exports to the national currency, the ruble.

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Increasing the ruble’s role in international trade would strengthen the currency, as it would be backed by Russia’s vast natural resources. With this backing and due to increased demand, it could one day be a major global currency. The ruble switch announcement has propelled the currency to a three-week high.

www.rt.com/business/552630-ruble-gas-europe-impact

The switch to rubles for gas payments, announced earlier this week by Russian President Vladimir Putin, would force the European Union to circumvent its own anti-Russia sanctions if it wants to keep the gas flowing in, Germany’s Der Spiegel reported, citing economy experts.

According to Düsseldorf economist Jens Südekum, in order to pay for gas deliveries, Europe would have to buy rubles from the Central Bank of Russia, which earlier this month was placed on an EU sanctions list. The measure prohibits any financial transactions between the Russian financial regulator and EU.

www.rt.com/business/552746-gas-payments-in-rubles-backfire-eu

As predicted, the extraordinary sanctions against Russia will in the long term hurt the West and damage or destroy the value of the US dollar.

In lieu of SWIFT – a Western financial system now blocking Russia – Russians will soon use a new system that allows direct rupee-ruble payments between Russia and India.

That is according to the president of the Federation of Indian Export Organizations (FIEO), A Sakthivel, speaking with CNBC on Wednesday.

www.independentsentinel.com/india-will-drop-the-dollar-to-trade-with-russia-replacing-swift

The West should consider ways to stop Russia using its gold reserves to prop up the rouble, the prime minister said.

Boris Johnson's comments came as the UK announced sanctions on 65 more groups and individuals, including a private military firm and a major Russian bank.

Speaking ahead of a Nato summit, the PM said the UK and the West must "tighten the economic vice" on Vladimir Putin.

He said Russia crossed "red lines" by targeting Ukrainian civilians and tough steps now could help shorten the war.

In addition to the new raft of financial sanctions, the UK government has announced plans to send 6,000 more missiles to Ukraine.

www.bbc.com/news/uk-60858511

Kim Iversen questions why the American and Ukranian governments seem to be pushing aside the prospect of ending Ukraine's war with Russia through peace negotiations.

Russia says it will focus its invasion of Ukraine on "liberating" the east, signalling a possible shift in its strategy.

The defence ministry said that the initial aims of the war were complete, and that Russia had reduced the combat capacity of Ukraine.

Russia's invasion appeared aimed at swiftly capturing major cities and toppling the government.

But it has stalled in the face of fierce Ukrainian resistance.

The announcement came from Sergei Rudskoy, a general in Russia's army.

"The main tasks of the first stage of the operation have been carried out," said Gen Rudskoy, head of the General Staff's main operations administration.

"The combat capabilities of the Ukrainian armed forces have been substantially reduced, which allows us to concentrate our main efforts on achieving the main goal: the liberation of Donbas," he added, referring to an area in eastern Ukraine largely in the hands of Russian-backed separatists.

www.bbc.com/news/world-europe-60872358

Former Deputy National Security Adviser K.T. McFarland joins Stuart Varney to discuss China's close relationship with Russia and the possibility of the U.S. imposing sanctions on China as a consequence.

Private jets owned by a sanctioned Russian oligarch have been detained indefinitely by the British government.

The two jets belonging to billionaire oil tycoon Eugene Shvidler had been under investigation at Farnborough and Biggin Hill airports for three weeks.

Transport Secretary Grant Shapps said [Russian President Vladimir] "Putin's friends" should not "enjoy luxuries" while innocent people die in Ukraine.

Mr Shvidler was sanctioned over ties with Chelsea FC owner Roman Abramovich.

The government said Mr Shvidler, a former boss and shareholder in Mr Abramovich's steel giant Evraz PLC, was associated with a person benefitting from or supporting the Russian government.

www.bbc.com/news/uk-60886181