Russian President Vladimir Putin declared that “unfriendly” countries, meaning those actively opposed to his invasion of Ukraine, must pay for Russian gas in rubles. This could have major effects on energy supplies in Germany, which says the change is a breach of contract. Credit rating agencies have further downgraded Russia’s debt rating, and some analysts say default is imminent.

The Biden administration termed the market activity as a “charade,” and deputy national security adviser Daleep Singh said it is not a sustainable model. “Russia has made it clear they are going to pour government resources into artificially propping up the shares of companies that are trading,” Singh said in a statement.