Russian President Vladimir Putin has signed a decree on gas payments in rubles to unfriendly countries (involved in sanctions pressure on Russia), RIA Novosti reported.

According to the document, if unfriendly countries do not pay for Russian gas in rubles from April 1, Moscow will consider it a failure to fulfill its obligations under gas contracts. In this case, the existing agreements will be stopped.

The head of state also said that Western countries will have to open ruble accounts in Russian banks to pay for gas. He called the decision to pay for gas supplies in rubles a step towards Russia’s financial sovereignty.

Putin’s decree on paying for gas in rubles only applies to pipeline deliveries by Gazprom (MCX:GAZP). Gazprombank has been designated as the authorized bank for foreign buyers to open special ruble accounts for settlements.