Putin wants other countries to pay for Russian fuel in Rubles.

As more countries continue to hit Russia with sanctions over their ongoing invasion of Ukraine, the Russian national currency, the ruble, is in a tailspin, with a current value of approximately 97.7 rubles to one US dollar. However, one of the major global downsides to sanctioning Russia has been a worldwide increase in fuel costs, as Russia is one of the world’s largest exporters of natural gas.

In an effort to rebound the ruble’s value, Russian President Vladimir Putin has delivered an ultimatum to the countries that have sanctioned Russia, which he has deemed “unfriendly” countries: Russia will still be willing to sell them fuel, but all payments must be made in rubles.

Economy ministers and analysts around the world have criticized Putin’s demand, calling it a breach of global-economic contract.

“This would constitute a breach to payment rules included in the current contracts,” a senior Polish government source told CNN.

“The measures taken by Russia may also be interpreted as provocative and may increase the possibility that Western nations tighten sanctions on Russian energy,” said European economist Liam Peach.

Currently, Russia’s list of “unfriendly” countries includes the United States, European Union member states, Britain, Japan, Canada, Norway, Singapore, South Korea, Switzerland and Ukraine. Any business conducted with these countries must be approved by the Russian government.