Part of: Prelims and GS-II International Relations and GS III – Economy
Context: In the wake of economic sanctions imposed against Russia for attacks on Ukraine, Russia has insisted recently that it will only be accepting payment for gas deliveries to the EU in rouble.
- G7 Ministers called this arrangement “unacceptable”.
- European Union receives around 40% of its gas supplies from Russia. Hey do you have it you can check it out yeah
- Russian ruble or rouble is the official currency of the Russian Federation.
- The ruble was the currency of the Russian Empire and of the Soviet Union (as the Soviet ruble).
- However, today only Russia, Belarus and Transnistria use currencies with the same name.
- The Russian ruble is also unofficially used in the four partially recognised republics of Abkhazia, South Ossetia, Donetsk and Luhansk.
- As of April 2019, the ruble is the seventeenth most traded currency in the world, and a free-floating currency.
- The Group of Seven (G7) is an inter-governmental political forum consisting of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States.
- Its members are the world’s largest IMF advanced economies and wealthiest liberal democracies.
News Source: TH