Posted on 03/23/2022 7:47:21 AM PDT by marshmallow
Russian President Vladimir Putin has said his country would start selling gas to certain nations in Russia's own currency, prompting a rise in the ruble's value on the Moscow Stock Exchange.
Russian President Vladimir Putin said on Wednesday that gas sales to countries deemed unfriendly to Moscow would have to be paid in rubles, saying a freeze on Russia's assets by foreign nations had destroyed Moscow's trust.
As of January 27, some 58% of Russian gas giant Gazprom's sales of natural gas to Europe and other countries were settled in euros.
"Russia will continue, of course, to supply natural gas in accordance with volumes and prices ... fixed in previously concluded contracts," Putin said on Wednesday at a televised meeting with top government ministers.
"The changes will only affect the currency of payment, which will be changed to Russian rubles," he said.
"The changes will only affect the currency of payment, which will be changed to Russian rubles," he said.
The announcement comes as the West has imposed sweeping sanctions on Russia, hoping to pressure it into withdrawing its invading forces from Ukraine.
Immediately after the announcement, the ruble strengthened against the US dollars and the euro.
(Excerpt) Read more at dw.com ...
What about those sanctions?
physical hard currency? -— they don’t have enough and would bankrupt them to try and print it all...
Sanctions are about as useful against Russia as a Vanderbilt quarterback is against Georgia’s defense. LOL
what is ‘physical hard currency’?
Ha ha ha.
“Sanctions are about as useful against Russia as a Vanderbilt quarterback is against Georgia’s defense. LOL”
The Commodores might take issue. :)
Isn’t this a self-imposed sanction?
Pooty is getting some good advice here from his economic people.
The Commodores haven’t been the same since Lionel Richie said “goodbye” to them to make mega meeelyuns singing “Hello”. LOL
“Immediately after the announcement, the ruble strengthened against the US dollars and the euro.”
Trying to remove the USD as the world benchmark currency.
Ouch! Low blow. :)
Well of course the US dollar that isn’t based on gold or any other precious metal and where the Fed prints on demand... (Sarc)
“Pooty is getting some good advice ...”
Russia launched a military war upon Ukraine when Putin perceived (rightly or wrongly) that its alignment with NATO threatened his regime and that the normalization of real Nazis in Ukraine threatened Russian-speaking Ukrainians.
In response, the Biden Junta launched full-scale economic war upon Russia with sanctions including a freeze of Russian central bank assets held in US and US-controlled banks.
China, Russia, and Middle East oil exporters have responded by taking steps to end the reign of the petrodollar, which portends the end of the US$ as the world’s reserve currency.
Note that all of these steps are entirely consistent with a Great Reset.
yep, time to do away cash as fiat money and go to strictly cryptocurrency - all the better to control you.
Biden's Junta actually would benefit from this for a few years as money flows from devastated Europe to the US.
Junta may or may not retain control over what Putin calls "unfriendly countries"... but the global role of the US is over, and years of depression is the best outcome that can be hoped for.
No. Very few rubles in general circulation. So they will need to buy the rubles with dollars, euros or Yuan.
Europe is forced into this because their greens killed their energy production capability but they still use energy so they just made themselves serfs of Russia. They can be squeezed. That's not great for them, it limits their options.
When a nation has an energy issue usually the experts will say "it was a combination of multiple factor such as spent wells and transportation issues and population growth over decades that led here" but in this case the USA's energy problems can literally and provably be placed on one guy: Joe Biden. We were energy independent when he took over, now we're begging Saudi Arabia and Venezuela to bail us out, just 18 months later.
“Isn’t this a self-imposed sanction?”
It all depends how badly the west needs their oil and gas.
It could actually be a pretty smart move.
This will make the value of the ruble go up (it’s gone from 113 to the dollar to 97 just today).
This means they can buy all western goods at a lower price and still get western reserve currencies in their treasuries.
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