Russia only has 125 billion in gold. You can tell who failed 3rd grade math. They think the 1% of dollars that trade globally for oil will collapse the dollar if a small portion of the oil trade occurs in other currencies. The the EU knows exactly what Russia’s financial condition is. That’s why they told Putin he could kiss their behinds with his demand to only accept rubles from them and Russia immediately folded when their bluff was called. They don’t have 625 billion in reserves. 75% of that number is frozen in foreign banks.
Thanks for the mention.
I don’t like the appearance of the US Dollar being replaced.
It’s the oil industry that gives me some concern.
Once again though, if the U.S. goes back to supplying it’s
own needs, that sure ruins that theory.
You are right about Rooskies backing down on accepting only roubles for oil and gas payments.
https://www.themoscowtimes.com/2022/03/30/russia-will-gradually-transfer-gas-payments-to-rubles-kremlin-a77149
Russia Will Gradually Transfer Gas Payments to Rubles: Kremlin
The Kremlin said Wednesday Russia will not immediately require its natural gas buyers to pay in rubles after Moscow said it will now only accept payments in its national currency.
“Payments and deliveries are a time-consuming process,” Kremlin spokesman Dmitry Peskov told reporters.
Russian President Vladimir Putin said last week that Moscow will now only accept rubles as payment for natural gas deliveries to “unfriendly” countries, which include the European Union.
On Thursday, the Russian government, its Central Bank and energy giant Gazprom are expected to present Putin with a system that will allow gas payment to be conducted in rubles.
“It’s not like... what will be delivered tomorrow, must be paid for by the evening,” Peskov said.
Asking about the possibility of transferring to ruble payments for other Russian exports, Peskov said this was “an idea that certainly needs to be explored.”
I think you are missing the point. When the first leak in the dam appears more will follow. Biden is screwing things up faster than we know. Faster than we could even imagine. Planned it has been.