Take Care of the Ruble and Gas Will Take Care of Itself

... payments in reserve currencies included in the SDR basket. As of today, therefore, three quarters of the IMF’s capital are made up in national currencies of its member states, an equivalent to USD 330 bn (including the USD 9 bn paid into the Fund in Russian rubles). Therefore, importers of Russian gas may well legally use a specially designed IMF mechanism to gain access to ruble liquidity to pay for Russian gas deliveries. It would be expedient to make payments for gas in rubles at the current market exchange ...