According to the BBC, EU President Ursula von der Leyden is taking a strong stand against Russia's demands to pay for gas imports in roubles: "To pay in roubles, if that is not foreseen in the contract, is a breach of our sanctions," she said.

Russia is naturally devastated to be accused of breaching Western sanctions.

The EU sanctions against Russia have helped to cause the rouble to freefall in value against other currencies meaning that the EU will have to pay less roubles for its gas than it would have done prior to imposing sanctions on Russia. Smart. But it can't pay in the contract currency as this requires use of the sanctioned SWIFT payments network. So it looks like it will have to default on its payments as a consequence of Russia breaching its sanctions.

International currency exchange expert Bill "Battler" Heslop told FNN:

I think that's what the frogs call 'hoisted by your own petard'. Hey Muriel. Fetch me a tinny - I'm parched!