Russian President Vladimir Putin has threatened to cut off "unfriendly European countries" from gas exports starting tomorrow.
The Kremlin has signed a decree ordering states that import gas from Russia to open state-linked bank accounts in order to make payments in rubles.
Ireland doesn't directly import natural gas from Russia, with 27% coming from the Corrib Gas Field off the Mayo coast and the remainder coming directly from the UK.
However, such a move from Russia is forecast to place further pressure on wholesale gas prices - even here in Ireland.
On publishing the decree, Putin said "If such payments [in rubles] are not made, we will consider this a default on the part of buyers, with all the ensuing consequences."
He continued: "‘Nobody sells us anything for free, and we are not going to do charity either – that is, existing contracts will be stopped."
Germany and Austria have already commenced preparation for a potential 'switch-off' by rationing gas supplies.
