Daily Express reports 18% rise in UK gas prices after Putin’s announcement
In the UK, gas prices surged after Russian President Vladimir Putin announced a shift to ruble payments for supplies to countries he labels as unfriendly. The British edition of the Daily Express covered the development, noting a sharp move in wholesale costs and the broader economic context surrounding Europe’s energy links with Russia.
According to the report, wholesale gas prices climbed about 18 percent, reaching 259.50 pence per unit. The article also highlighted that roughly 40 percent of European gas imports originate from Russia, underscoring the potential sensitivity of European markets to any financial policy change proposed by Moscow. The currency dynamics were also discussed, with the Russian ruble gaining strength in response to Russia’s stance on settlement currencies for energy transactions, adding another layer to the immediate market reaction.
Across Europe, March 23 saw prices move higher as well, with gas costs reportedly increasing by around 20 percent and touching approximately 1,370 dollars per thousand cubic meters. Day-by-day increases were substantial, with the daily jump estimated at about 16.7 percent in the reported window.
Putin signaled an intention to redirect payments for European gas to rubles at the earliest opportunity. The leadership in Moscow stated that payments in preferred currencies, including the dollar and the euro, would be phased out for natural gas sales. In response, the President directed the Central Bank and the government to determine, within a week, a framework that would spur ruble purchases by buyers of Russian gas in the domestic market. These developments point to potential shifts in how energy trade is settled and how currencies are leveraged in global markets.
Market observers note that the announced policy could inject volatility into both energy and currency markets. For households and businesses in the UK and across Europe, such policy moves may translate into higher energy bills in the near term and more complex hedging and procurement considerations. Energy suppliers, industrial users, and traders are all watching how quickly financial transactions and settlement rules might adapt to a ruble-based framework, and what safeguards or transitional agreements might emerge to cushion immediate price pressures.
Analysts also emphasize the broader context: any sustained move away from widely used reserve currencies in energy transactions could influence commodity pricing, currency markets, and long-term investment strategies in the energy sector. European energy security, diversification of supply routes, and the resilience of regional gas networks remain central to policy conversations in the United States and Canada as governments monitor price shifts and supply reliability.
Overall, the unfolding situation highlights how geopolitical developments can ripple through wholesale markets, currency valuations, and consumer energy costs. While Russian authorities have framed the policy as a matter of national financial policy, energy buyers and sellers will likely adjust to a new settlement paradigm over time, with regulatory clarity and market mechanisms shaping the pace of change. This summary reflects reporting from the Daily Express concerning the initial market impact and the statements from Moscow that are guiding future settlement arrangements.
This account draws on coverage from Daily Express with context for Western energy markets and currency implications.