European Commission President Ursula von der Leyen said on Wednesday that it would be a breach of sanctions imposed against Russia if they were to pay in rubles, as reported by Reuters.

Von der Leyen further added that they will continue to work to ensure that they have sufficient gas supply and storage in the medium term and noted that the "era of Russia fossil fuels" in Europe was coming to an end. 

Market reaction

Although the Euro Stoxx 600 clings to strong daily gains after these comments, the shared currency is having a difficult time finding demand. As of writing, EUR/USD was trading at its lowest level in five years at 1.0575, losing 0.6% on a daily basis.