RT: Russian grain union wants to switch export payments to rubles
Western sanctions prompt agriculture exporters to find solutions to minimize risks
The Russian Union of Grain Exporters (Rusgrain) has turned to the Bank of Russia to get the necessary tools to start selling domestic produce for rubles.
The measure was discussed at the regulator’s meeting with the alliance, according to the list of initiatives obtained by business daily Kommersant.
Rusgrain, which accounts for more than 70% of Russian grain exports, has asked the regulator to provide ruble liquidity for foreign banks that serve the buyers of the country’s grains.
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Update #1: Russia Grain Traders May Switch to Ruble Payments, Group Says -- Financial Post
Update #2: Russia Threatens to Demand Rubles for Grain, Other Exports -- Bloomberg
WNU Editor: Russian exporters cannot be paid in US dollars and Euros, so what not in their own currency. Not surprising the Russian ruble has now almost completely recovered its value in comparison to the US dollar since the start of the war (link here). If sanctions were implemented to implode the Russian economy, it looks like the opposite is happening. The Russian ruble is getting stronger.
7 comments:
Same with the Yuan.
The only currencies that seem to be suffering from the sanctions are the USD, the Euro, the Pound, and the Japanese Yen. Australia and Canada are still faring well, but that's only in relation to the USD.
The war on the working class continues as half of it claps for it's own demise.
Biden's policy with Russia is based upon feeling good for himself and the clowns he hired to conduct American foreign policy.
Anyone who looks at a globe can deduce the folly of excising the largest geographic land mass from the worlds economy. It won't work. Especially when so many vital raw materials are exported from Russia. Biden has midwifed a new bi polar world with the US on the short end. Europe will soon face reality and ditch the sanctions. Then the USA will look like losers and fools, with 3 more years of the clown crowd driving the buss.
Couldn't agree more up to mow no-one in the west really knows what is happening with the war from the Russian side at best assumptions what we do know however is that Russia is going to come out even stronger as a direct result of the ''sanctions''
Russia raised its interest rates to 20% to keep the ruble from collapsing. This is kind of important to mention when talking about the ruble's value. The idea that having an interest rate of 20% is not going to impact the economy negatively is crazy. It makes borrowing, and therefore investment extremely expensive. And the specific sanctions laid out on Russia will take time to process as Russian economy cannot get more high grade chips, aircraft parts, software, etc.
Chris
"Russian economy cannot get more high grade chips, aircraft parts, software, etc."
China does not make high grade chips?
China bought foreign aircraft, Now they build them under license. The Chinese cannot reverse engineer it and improve on it?
We live in a sham economy of endlessly printed money that REQUIRES dollar dominance via energy transactions in order to stay afloat. When you kick out the legs from under that system then WE are on the clock more than the Russians, the Chinese, or the rest of the BRIC countries. You tell me that I need to endure economic hardship because Russia will feel the pain eventually themselves, but I have no guarantee or even indicator that we won't collapse into massive recession first.
1:03 PM
"China does not make high grade chips?"
NO. China make only 16% of its chips and not the high grade. The high grade is made in the West.
"China bought foreign aircraft, Now they build them under license. The Chinese cannot reverse engineer it and improve on it?"
Are you kidding? Reverse engineering is always possible but it takes a lot of time.
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