Free Republic

Russian President Vladimir Putin can afford to cut off natural-gas exports to Europe thanks to ample revenues from other commodities, but such a move would come with longer-term risks for Russia’s sanctions-stricken economy and its prolific energy industry. Earlier this week, Moscow resumed gas supplies via the Nord Stream pipeline after annual maintenance ended, easing worries in Europe that Mr. Putin would further crimp exports at a time when the continent is filling up its storage ahead of winter. The restarted pipeline, however, is pumping at just 40% capacity, after a separate, still-unresolved technical issue that Moscow blames on Western...

Hackers on Friday delayed the start of President Vladimir Putin's speech to Russia's flagship economic forum, shorn of strong Western participation as Russia adjusts to the "new reality" of life under Western sanctions. -snip- But the Western investors and investment bankers who had turned up in previous years were conspicuously absent. -snip- Kremlin spokesperson Dmitry Peskov said a denial of service attack, which works by flooding servers with bogus traffic, had struck the forum's accreditation and admission systems. -snip- Internet connectivity and speeds suffered at the forum, and Putin's speech, in which he accused the West of trying to crush...

The European Union has reached a deal to ban the import of Russian oil , EU council president Charles Michel said late on Tuesday. In a tweet, he said it would immediately covers more than two thirds of oil imports from Russia, “cutting a huge source of financing for its war machine”.A proposed exception for oil delivered by pipeline earlier edged the EU towards finalising the deal to sanction Russia and squeeze its financial ability to wage war in Ukraine.

Sanctions are hitting Russian families at the grocery store as food prices rise amid surging inflation, which is already running at double the rate of the West. Consumers are falling further behind as wages stagnate in a slowing economy. The situation is expected to get worse as inventories run down, sanctions take effect and buyers adopt strategies that could push inflation higher.

Ten more European gas buyers have opened accounts in Gazprombank JSC, doubling the total number of clients preparing to pay in rubles for Russian gas as President Vladimir Putin demanded.A total of twenty European companies have opened accounts, with another 14 clients asking for the paperwork needed to set them up, the person said, speaking on condition of anonymity to discuss confidential matters. He declined to identify the companies.

RIO DE JANEIRO (Reuters) - U.S. government officials in March asked Brazil's state-run oil company Petrobras whether it could increase crude output after Russia's invasion of Ukraine sent global prices soaring, three people with knowledge of the matter told Reuters. They came away empty-handed, the sources said. Officials at Petrobras, formally Petroleo Brasileiro SA, said output levels were a function of business strategy rather than diplomacy and also that a significant short-term production boost would not be logistically possible, the sources said. "We are ... doing everything possible with our allies and partners to mitigate the economic impacts of Russian...

The Organization of the Petroleum Exporting Countries (OPEC), the powerful Middle Eastern oil cartel, stuck to its planned incremental production increase, shrugging off calls from the West for greater supply. Both the cartel and Russia, collectively known as OPEC+, will stick to their plan to raise production by a modest 432,000 barrels per day in June, multiple delegates told Reuters, despite pleas from the Biden administration. The White House has repeatedly called upon OPEC+ to boost its oil output over the last year as supply chains have been snarled amid the COVID-19 pandemic recovery. White House national security adviser Jake...

Germany will support the European embargo of Russian oil, marking another significant turnaround in the nation’s position as the invasion of Ukraine continues. Ambassadors will reportedly table the proposal at an ambassadors summit in Brussels on Wednesday, with expectations to approve the embargo by the end of next week. Germany has resisted such an embargo, but government sources told German news agency dpa on Sunday that Chancellor Olaf Scholz will back the embargo. Scholz previously urged caution against any outright ban over concerns of the consequences, which he believed would prove devastating to Germany’s economy and the continent as a...

Ukraine accused Russia of blackmailing Europe over energy in an attempt to break its allies, as fighting heads into a third month without Russia capturing a major city WARSAW/SOFIA/KYIV — Russia halted gas supplies to Poland under the Yamal contract on Wednesday, data from the European Union network of gas transmission operators showed, in a deepening of the rift between the West and Russia over its invasion of Ukraine. Bulgaria, like Poland a NATO and EU member, said earlier that Russia would also halt supplies of gas to it. Ukraine accused Russia of blackmailing Europe over energy in an attempt...

On Sunday, Russia entered the third month of its invasion of Ukraine, with no sign of an end in sight. Despite severe pushback in the shape of the toughest economic sanctions ever imposed on a country, the ruble, the Russian currency, appears to be strengthening.What’s become evident is that, despite an enormously broad package of sanctions on Russia’s government and oligarchs, as well as an exodus of foreign enterprises, the moves are mostly ineffectual if foreign nationals continue to consume Russian oil and natural gas, which supports the ruble.On Feb. 24, the first day of the invasion, the ruble traded...

Russia’s Foreign Minister Sergey Lavrov has issued a statement to India Today clarifying the rubles for gas mandate that has created confusion among Russia’s gas buyers, RT has reported on Tuesday. Buyers purchasing Russia’s gas will have to pay Gazprombank, an independent institution. -snip- Buyers can still, therefore, pay in the currency of their choice. But Gazprombank will convert the payment into rubles. Gazprom would then be able to access the funds in rubles, assured that those funds would not be subject to sanctions. “They won’t be able to keep this money in their banks. They will still pay in...

Russia's attempt to pay for two of its dollar bonds using rubles was deemed a potential default scenario by a derivatives industry watchdog on Wednesday, bringing the country to the brink of its first default in a century. The Credit Derivatives Determinations Committee — a panel within the The International Swap and Derivatives Association — ruled that a "potential failure to pay" event had occurred, Reuters first reported. It is still possible for Russia to avoid a default if it manages to pay bondholders using dollars before a one-month grace period ends on May 4. Russia has become increasingly cut...

The US and its allies have slapped a grand total of over 9,600 sanctions against Russian officials, the state, companies, tycoons and other entities in connection with the crisis in Ukraine. Moscow now has more restrictions against it than Iran, Syria, North Korea, Venezuela and Myanmar combined. Russia has successfully withstood unprecedented sanctions pressure from the West, President Vladimir Putin has said. "The calculation was to quickly undermine the financial and economic situation in our country, to provoke panic in the markets, the collapse of the banking system, and a large-scale shortage of goods in stores," Putin said, speaking at...

he Russian central bank sharply cut its key rate to 17% on Friday and said future cuts were possible, as emergency steps had contained the risk to financial stability, brought deposits back to banks and helped limit the threat of inflation, it said. -snip- Annual inflation in Russia accelerated to 16.70% as of April 1, its highest since March 2015 and up from 15.66% a week earlier, as the volatile rouble sent prices soaring amid unprecedented Western sanctions which cut Russia off the global financial markets and limited its trade with the outside world. External conditions for the Russian economy...

The ruble appreciated to 83 to the dollar intraday on Tuesday against a record low of 139 on March 7.The ruble has recouped most of its losses and become the top-performing currency globally. It continues to gain and is up 60 per cent against the US dollar from its lows in the first week of March. The ruble appreciated to 83 to the dollar intraday on Tuesday against a record low of 139 on March 7. Thanks to the recent rally, the ruble is only about 10 per cent lower than what it was before the Russian invasion of Ukraine...

FRANKFURT (Reuters) - Russia's demand that some buyers pay for its gas in roubles has raised concerns in Germany, which relies on Russian fuel, that the payment dispute could escalate and disrupt supplies. Russia accounted for 55% of Germany's gas imports in 2021. Although that figure fell to 40% in the first quarter of 2022, Economy Minister Robert Habeck has said Germany will not achieve full independence from Russian supplies before mid-2024. If Germany does not secure enough gas, industry will be hit first. It accounts for a quarter of German gas demand. "This means that industrial production gets lost,...

The U.S. dollar was plunging against the Russian ruble as Russia and Ukraine negotiators completed a round of talks in Turkey. The dollar USDRUB, -11.05% fetched 85.13 rubles, down from 95 rubles, as reports from Russian news wires suggested some progress in the negotiations. U.S. stock futures

I have been involved in financial markets for roughly 40 years, the news out this past Thursday was in my opinion more important than ANY announcement during those years. In fact, when I heard it, I thought of it as “the shot heard ’round the world”! But here we are Sunday and almost no discussion nor coverage of “Russia will demand trade payment from the unfriendly countries (the West) in gold…or rubles if they wish”. Are people so dumbed down they do not understand what was said? First a little background. Russia has been sanctioned by the West and even...

We Will Delete YouHow liberal democracies acquired the power to end your participation in society with the push of a buttonBefore beating a hasty retreat, Canadian Prime Minister Justin Trudeau went where no world leader has gone before. Last month, he became the first Western leader to wield the financial system as a push-button weapon of government enforcement against opinions and behaviors that he found politically distasteful or inconvenient. This is an entirely new form of power, which much of the world has not even begun to reckon with—but which may well define our politics in the years to come.The...

All the great globalist plans, and those of so-called "mavens" in America who have thought for years that putting labor and material supply overseas as a means to avoid paying market wages in the US, along with evading environmental laws by putting the pollution somewhere else, are now up against the law of unintended consequences.Russia has announced that it will soon require payment for its natural gas (and, presumably, all other exports) in Rubles. This is of course quite reasonable, since the resource depleted is theirs, and thus payment should be in their currency.I smelled this coming when the sanctions...