Europe still imports massive amounts of oil, gas, wheat and minerals from Russia.
Totally unaffected by sanctions.
How are they going to pay?
Gold? Barter? Cryptocurrencies?
A very good question.
Perhaps, they think they can pay in promissory notes and Russia would agree?
But if they don’t the picture would be of hyperinflation in the US and the loss of dollar’s status — and much worse in Europe.
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Let me ask another question: just how long it will take for China to realize that payments in dollars and euros are not worthwhile taking?