MOSCOW:  Beginning March 31, Russian President Vladimir Putin has directed the government, central bank, and Gazprombank to take the necessary steps to convert all payments for Russian natural gas from "unfriendly states" to rubles.

The measure is aimed at "EU member states and other nations that have imposed limitations on people of the Russian Federation and Russian legal companies," according to the Kremlin's directive, as reported by Russaian Times.

The decision, which was initially announced last week, came as Russia's oil trade was thrown into disarray as importers placed orders on hold as a result of the most recent sanctions imposed on Moscow over its military action in Ukraine.

Concerns about a global economic disaster have been voiced as a result of the conflict in Ukraine and the anti-Russia sanctions that followed. Commodity prices are skyrocketing, driving up the cost of consumer goods, energy, and food, raising concerns about a potential recession in many countries and even starvation in some parts of the world.

As per reports, Russia's decision to switch payments to its own currency was made in response to the unprecedented sanctions put on the country's financial system by the US and its allies.

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