Russia’s demand that European Union (EU) members pay for natural gas imports in rubles has had no immediate effect on prices, but it has the potential to roil the market in the coming weeks.

Germany LNG

Since Russian President Vladimir Putin signed a decree on March 31 requiring buyers from “unfriendly” countries to pay in rubles, European natural gas prices have declined. 

The market has seemed to shrug off the demand for now. Many EU member countries are still assessing the decree, but it could ultimately test the bloc’s unity. The way members respond could also establish how far Russia is willing to go if its requirements aren’t met and exports are halted in the worst-case scenario.

Russia is requiring buyers to open two accounts at Gazprombank, which plays a key role in...