Russia will seek payment in rubles for gas sales from “unfriendly” countries, President Vladimir Putin said, sending European gas prices soaring on concerns the move would exacerbate the region’s energy crunch, writes CNBC.

“Russia will continue, of course, to supply natural gas in accordance with volumes and prices ... fixed in previously concluded contracts.

The changes will only affect the currency of payment, which will be changed to Russian rubles”, - Putin said at a televised meeting with ministers.

As he added, the government and Central Bank had one week to come up with a solution on how to move these operations into the Russian currency and that gas giant Gazprom would be ordered to make the corresponding changes to gas contracts.