Article

2022-03-24 Economy

BULLISH ON RUSSIA? Ruble Rallies As Putin Calls for Oil & Gas Payments in Rubles

[Bloomberg] The ruble did drop 40% against the dollar in the week after the reserves were frozen, but 10 days later it had recovered more than half that loss. The ruble is now down less than 25% against the dollar and only 18% against the euro since Feb. 25. Financial conditions in Russia have also recovered significantly, according to the Institute of International Finance in Washington. Some of this is more guesswork than normal because the country’s stock and bond markets aren’t fully trading.

Posted by Crerelet Cheaper9206 2022-03-24 00:00|| || Front Page|| [11139 views ] Top

#1 Nuka-Cola bottlecaps could also be used... Might be worth more.

Posted by magpie 2022-03-24 01:47|| 2022-03-24 01:47|| Front Page Top

#2 Their requirement that Russian oil and gas be paid for in rubles will also increase demand for the ruble, thereby increasing its value.

And, simultaneously, decreasing demand for the US dollar, thereby decreasing its value. You have been warned.

Posted by Tom 2022-03-24 11:52|| 2022-03-24 11:52|| Front Page Top

#3 We'll see if it works. But for now....

1 US Dollar =
94.75 Russian Ruble

Posted by DarthVader 2022-03-24 14:51|| 2022-03-24 14:51|| Front Page Top

#4 Their requirement that Russian oil and gas be paid for in rubles will also increase demand for the ruble, thereby increasing its value.

And, simultaneously, decreasing demand for the US dollar, thereby decreasing its value. You have been warned.

Wouldn't it be something if Biden is like, "Yeah and kick Russia out of the G20 and replace it with Ukraine!" and the G20 is like, "Well actually, since you set in motion an absolute economic wreck of the USA and keep trying to start a nuke war in Europe...well, here is a sealed correspondence for who is in charge. Please see they get it promptly." Hands letter to assistant.

Posted by swksvolFF 2022-03-24 15:21|| 2022-03-24 15:21|| Front Page Top

#5 So... the Russians are going to refuse to sell gas for dollars?

Because I can't imagine Europe has lots of rubles on hand.

Posted by Rob Crawford 2022-03-24 15:27|| 2022-03-24 15:27|| Front Page Top

#6 I wish they'd stop trolling us unless we paid them in rubles.

Posted by Thing From Snowy Mountain 2022-03-24 15:46|| 2022-03-24 15:46|| Front Page Top

#7 Because I can't imagine Europe has lots of rubles on hand.

They don't. The idea is that countries buy Rubles from Russia and then buy the goods. It is a strategy as the Ruble has foreign currency to back it up and the exchange stabilizes and keeps inflation in check. How many countries go along with this is the question.

Posted by DarthVader 2022-03-24 15:50|| 2022-03-24 15:50|| Front Page Top

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