Washington Post: Despite Western sanctions, Russian ruble and banks are recovering
Russia's ruble and banking system are showing continued signs of recovery from the initial punch of sanctions, as Moscow relies on energy exports and currency controls to partly protect the nation's economy.
After initially plummeting, the ruble has rebounded and is edging closer to the value it held before the war began, according to the official exchange rate. And the banking system is gradually stabilizing as panicked customer withdrawals subside, economists say. Some of the recovery is artificial, made possible by strict limits that the central bank, the Bank of Russia, has placed on currency exchange, withdrawals and hard-currency transfers overseas. But it is also due to a very real factor still working in Russia's favor: strong oil and gas exports that bring a flood of hard currency into the country.
Read more ....
WNU Editor: So much for President Biden's remarks and the media's narrative last week that the Russian ruble and economy was imploding.
A prediction.
With Russia's insistence that their goods must be paid in rubles, we are going to see a situation where most countries in the world will start to establish ruble accounts to pay for the goods that they need from Russia. Since Russia is one of the world's major grain/energy/metals/commodities exporters, and many countries are dependent on these goods, I can easily see the ruble becoming one of the world's major currencies used in trade. From Moscow's perspective. They have everything to gain from this, and nothing to lose.
Update: These US efforts are clearly not working .... U.S. officials circle globe to keep pressure on Putin as ruble rises (Reuters).
Despite Western Sanction Russia's Ruble, Banks, And Markets Are Quickly Recovering To Pre-War Levels
Russia’s ruble rebound raises questions of sanctions’ impact -- AP
Russian ruble makes almost full recovery despite western sanctions -- FOX News
Ruble Edges Closer to Clawing Back All Its Post-Invasion Decline -- Bloomberg
Putin’s plan to prop up the ruble is working. For now -- Charles Riley, CNN Business
Biden turned the ruble into rubble. Then it quickly came back -- Politico
Good. The American bullying did not work. Now the American voters can throw the fucking pro-sanction idiots out of office (wishful thinking, I fear American voters are as dumb as fucking doorknobs),
ReplyDeleteCompounding the problem is electoral shenanigans that worked against the former POTUS. Had his careful diplomacy been supported and had the proper resources allocated to it I firmly believe we would have ended Cold War 2 avoiding the Ukraine war altogether.
DeleteMany of us voted for Trump specifically for that purpose. It's a shame that this process was undercut for short-term and petty partisan political purposes.
"So much for President Biden's remarks and the media's narrative last week that the Russian ruble and economy was imploding. "
ReplyDeleteAll of the above are idiots. It is just more apparent in Biden's case. The only reason people like Biden get elected is because they are part of the echo chamber.
The petro-dollar lasted so long that people took it for granted and they were filled with hubris.
All those people lie Jay Farq and our favorite prof love to run down Saudi Arabia. How are they going to continue to enjoy their current standard of living s the petro dollar is gone?
Saudi Arabia executed executed 80 some people a week ago. It got people exercised. Fair enough. I suspected that a number of those would be Shia for the eastern provinces. A day or two later news reports confirmed it. Maybe some of those Shia were engaged in terrorist activities. Maybe the Saudis were just being chauvinist assholes. It is worth noting that the eastern provinces are next to Iran. I do not hear of Shia unrest in Saudi Arabia along the border of Yemen. There are a number of Shia there too. Point is maybe some of those executed were engaged in terrorism.
For those, who think Iran is better than Saudi Arabia, Iran executed 8,000+ inside of a few months. The executioners are still in government and have risen higher. Question is why would people support Iran over Saudi Arabia that being the case.
Or why trade 6 for a half a dozen. The one you trade away will distrust you more and the one you are trading for? Well they are not going to warm up anytime soon.
Overall point is Biden, Blinken and the Blinkered Bunch are bound and determined to destroy the petro dollar. The are dong this when the petro (commodity) ruble is comifccfxng into its own.
How utterly stupid can Joe Biden, Tony Blinken, Jake Sullivan, Austin and others be?
Lmao epic fail by the West
ReplyDelete2 weeks ago the Americans were laughing and now look who's laughing
India rdy to cancel usd, let's see who's next.
Absolute disaster for America
I wasn't laughing. As an American, I deeply love my country. You seem to hate us and wish harm to us.
DeleteFrom the start I called our support of Ukraine as a strategic blunder. It's looking more like I was right. Unfortunately our media reporting on this is nearly worthless being little more than the Zelensky cheering section.
Anon 5:59 It's also that they control the Parties (as well as stuffing the ballots), so we're given, at best, the illusion of choice.
ReplyDelete