PUTIN DECLARES RUSSIAN GAS MUST BE BOUGHT IN RUBLES

Written by on April 3, 2022

PUTIN DECLARES RUSSIAN GAS MUST BE BOUGHT IN RUBLES

Shared By Peter Boykin – American Political Commentator / Citizen Journalist

 

Russian President Vladimir Putin announced that Russian oil bought by “unfriendly countries” would only be sold in rubles – an announcement that caused energy prices to rise even further.

Putin said:

“It is clear that delivering our goods to the European Union, the United States and receiving dollars, euros, other currencies no longer makes sense to us.”

What’s the move? Putin is doing this to counter the crippling sanctions put in place by western nations. Since the war in Ukraine began, over $300 billion of Russia’s foreign currency reserves abroad have been frozen.

A move that Russia calls “theft.”

What this means for the west:

The U.S. has already announced a ban on imports of Russian energy. So it doesn’t directly affect us, aside from the global rise in prices. The EU though still imports 40% of its oil from Russia. So we will see how this plays out for them.

In the short term, this move has benefitted Russia.

Immediately after the announcement, the ruble [which has plummeted in value due to western sanctions] strengthened against the dollar and the euro.

In the long term, it could end up accelerating Europe’s diversification away from Russian energy.

The big picture: This move plays into a bigger issue that we spoke about already.

Historically, most global oil transactions occur in dollars because we are the global prime reserve currency. But as we sit in a weakened position thanks to Joe Biden, our enemies are moving to de-throne the dollar.

Saudi Arabia leaked last week that they’re considering selling oil in alternate currencies.

China and Russia announced a $117 billion oil deal last month

[Source: AP, Breitbart]

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