Posted on 03/23/2022 7:47:44 AM PDT by Oldeconomybuyer
March 23 (Reuters) - Russia plans to switch its gas sales to "unfriendly" countries to roubles, President Vladimir Putin said on Wednesday, responding to a freeze on Russia's assets by foreign nations over events in Ukraine that he said had destroyed Moscow's trust.
European countries' dependence on Russian gas and other exports has been thrown into the spotlight since Russia sent tens of thousands of troops into Ukraine.
“Russia will continue, of course, to supply natural gas in accordance with volumes and prices ... fixed in previously concluded contracts," Putin said at a televised meeting with top government ministers.
"The changes will only affect the currency of payment, which will be changed to Russian roubles," he said.
Putin said the government and central bank had one week to come up with a solution on how to move these operations to the Russian currency and that gas giant Gazprom would be ordered to make the corresponding changes to gas contracts.
According to Gazprom, 58% of its sales of natural gas to Europe and other countries as of Jan. 27 were settled in euros. U.S. dollars accounted for about 39% of gross sales and sterling around 3%.
Russian gas accounts for some 40% of Europe's total gas consumption.
Russia has drawn up a list of "unfriendly" countries, which corresponds to those that imposed sanctions. Among other things, deals with companies and individuals from those countries have to be approved by a government commission.
The list of countries includes the United States, European Union member states, Britain, Japan, Canada, Norway, Singapore, South Korea, Switzerland and Ukraine.
(Excerpt) Read more at finance.yahoo.com ...
Hahaha, dollars are worthless also if you’re Russian.
In order to pay with rubles, you must first obtain rubles. And pretty much the only place where you can obtain rubles is in Russia. Otherwise, Europe can figure out how to survive without Russian energy. I’m sure the Russians will be happy to exchange physical gold for their rubles.
Putin, rather than trying to divide those lining up against him, is actually uniting them.
Moron.
Jao Biden faked 81 million votes.
“Biden will just have to call for elimination of college loans up to $50k.”
I am expecting Biden to “approve” loan forgiveness. $10k or $50k, I don’t know which.
Only question is before 2022 midterms or 2024 general election.
What else does he have to campaign on?
Which will drive up the value of the Russian currency
Brilliant strategic move.
See post 16.
And fertilizer.
‘’Putin, rather than trying to divide those lining up against him, is actually uniting them.
Moron.’’
———-
Russia is currently building pipelines with China that replaces Europe completely and India is in line. Those two countries are four times as big as Europe. The Middle east is not uniting with Europe/ America and in fact its almost Europe/America alone
That’s the plan.
Maybe it happens somewhere but I don’t any country that doesn’t trade goods and services for currency, no one I know trades goods for goods
I agree with everything you said on post sixteen I point in all the sanctions levied on Russia have consequences for the countries imposing the sanctions and probably haven’t been thought through by the geniuses in charge
““The West will need to use gold/silver to buy rubles. By controlling the amount of rubles the West can get its hands on, he can control the demand - which controls the price/value of rubles.
If the ruble is too low - he stops printing, rubles become harder to acquire, the West needs to spend more gold to buy them - this increases the value of the ruble relative to gold.
if the ruble is too high - he prints more making it easier for the West to buy them in gold, and that drops the value of the ruble relative to gold.
This is actually a genius move - and gives the Russian government absolute control over the value of their currency. The Chinese can only dream of controlling their currency that way.”
Not this, the customers cannot simply buy rubles. They must instead obtain rubles by selling to Russia something Russia wants. Not easy, and goes against their own sanctions.
Alternatively, they may be able to buy or borrow some amount of rubles from an intermediary (think China)... may alleviate their immediate problems. Not a long-term solution.
Alternatively, they can go into permanent depression. ----
I'm actually shocked -- Putin waited so long for this obvious move!
Worse.
It is the time now to plant this year crops... already past the time in fact.
Do you think there is much planting in the Ukraine?
The ruble is up 3% on the news of this change...although I'm sure it will fall again once the unfriendly countries actually have to buy rubles to settle their bill.
Don't quit your day job Bigly.
Imagine, the gas in Russia was 46 rubles on Christmas and now 43. The same is true for food except rare imports.
Imagine, the gas in Russia was 46 rubles on Christmas and now 43. The same is true for food except rare imports.
Maybe it happens somewhere but I don’t any country that doesn’t trade goods and services for currency, no one I know trades goods for goods
on a personal level as well as larger level.
When no one has money, or it is worthless, what will you do?
When you lose your job or retirement plan, what will you do?
Again, money allows a lot of liquidity and corruption.
Bartering is a relationship.
Each has it’s pros and cons.
West: Hey Putin. We will crash the Ruble, okay?
Putin: Okay. You will pay all bills in Rubles then. So Ruble will not get crashed.
West: OMFG. Who could see this coming.
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