Russian President Vladimir Putin signed a decree Thursday setting an April 1 deadline for "unfriendly nations" to pay for Russian fuel with rubles.

Putin mentioned at an aviation trade assembly that these nations should open accounts in Russian banks and use the cash from these accounts to pay for the fuel, state-owned information company RIA Novosti reported. He added that if the nations don't comply, "we are going to think about this a default on fuel contracts, through which case current contracts will likely be stopped."

Nevertheless, the Kremlin will permit the nations to pay the Russian banks utilizing euros, which the financial institution will then convert into rubles, the Related Press reported.

It is a growing story and will likely be up to date as extra info turns into obtainable.

Putin Sets Deadline for Gas Payments
Russian President Vladimir Putin made an announcement setting April 1 because the deadline to pay for fuel with rubles. Above, Putin speaks in the course of the Preliminary Draw of the 2018 FIFA World Cup in Russia at The Konstantin Palace on July 25, 2015 in Saint Petersburg, Russia.Photograph by Dennis Grombkowski/Getty Pictures