Putin signs decree demanding ruble-payment for gas. Payments to start tomorrow

Putin wasn't bluffing. He said that the taps will be turned off for those who don't make the payments in rubles. He didn't specify that they would be cut off immediately but said that if payments aren't made, they will stop existing contracts.

Yesterday, there were Russian reports saying this would be phased in. His comments suggest otherwise but I'll wait for the fine print.

This is bullish for European natural gas prices.

• We have all the reasons to believe we supplied part of Russian gas for free after assets freeze
• New proceedings in euros or dollars could also be blocked
• Existing risks are not acceptable
• We will increase share of national currencies Currencies Currencies are a typically a form of money in wide circulation, being the primary medium of exchange with respect to buying and selling goods and services. These are often issued by a specific government or collection of governments, by way of paper notes and coins. Other forms of currencies include previous metals such as gold and silver, and digital currencies such as Bitcoin. Currencies serve as a backbone of the country’s or countries’ economy, due to the perception of value held by the popu Currencies are a typically a form of money in wide circulation, being the primary medium of exchange with respect to buying and selling goods and services. These are often issued by a specific government or collection of governments, by way of paper notes and coins. Other forms of currencies include previous metals such as gold and silver, and digital currencies such as Bitcoin. Currencies serve as a backbone of the country’s or countries’ economy, due to the perception of value held by the popu Read this Term in trade
• Europe is ready to ignore the interests of its own citizens
• USA will make profits from global instability
• Global markets are declining while shares of USA's military complex are on the rise
• Europeans are forced to pay for LNG from the USA
• This will mean millions of job losses in Europe
• Economic war against Russia started years ago
• The goal is to undermine Russia's development

Update: Putin's order says gas buyers should transfer currencies to a 'special K' account at a Russian bank and the Russian bank will then buy rubles.

With the update, that doesn't sound like that big of a deal. The buyers aren't forced to source the rubles themselves. This is basically just redirecting the payment to a different bank.