After further sanctions against Gazprombank and many other banks head of Russia Central Bank head Elvira Nabiulina warns that there are no further reserves to prop up the Ruble and the economic forecast is bleak.
I hope it doesn’t turn out to be a case of too little too late with the change of POTUS.
Yep, the ratchet has taken a long time to bite but the cracks have been showing for a while. The wiggle in the chart yesterday shows they spent reserves they didn't think were safe to dip into to try to catch the drop (perhaps now hoping to hold or at least pause at 90 cents by the looks of it). But even if they hold it there, that's still a near 15% drop in the external value of the Russian economy in less than a month. No way of knowing what their next move will be, but this is an economy undoubtedly under very severe strain.
Robin. It was not a debate it was more of a statement. No one could possibly accuse you of holding a balanced or unbiased view and you seem to have endless time to spend writing at great length about politics on here. I skim bits of it occasionally but I don't have time to waste on such debate on a WOODWORK forum.
https://www.independent.co.uk/news/world/europe/russia-oil-europe-india-ukraine-war-b2477443.html
I suspect that China will see this as an opportunity to increase their influence by bailing them out.
Maybe. Maybe Xi doesn't care all that much. Reportedly some alarm there about Russia and Norks getting cosy, and a huge part of Russia was previously China (long memories and all that). Interesting to see how they react.
The principle concern of Saudi Arabia is Saudi Arabia.
Not really, half of it is frozen (by sanctions-related measures) and they have dropped a ton of the rest trying to support their currency. They wouldn't be panicking into imposing capital controls if they felt their foreign currency reserves were healthy, they'd just carry on propping up the currency like they have for the last few years.
Followed by an abiding hatred of the Shia renegade Iran. It's a centuries-old sectarian rivalry over the true interpretation of Islam.
You mean Russia is selling crude oil and LNG at a discount yo India.
And how is that working out for Germany?
Putin's main reason for being in Syria is to prevent the construction of the proposed pipeline from the South Pars/North Dome gas field in the Persian Gulf to Southern Europe. South Pars/North Dome is by far the largest gas field in the world, holding almost as much recoverable reserves as all the world's other fields combined. Currently it is liquified and exported in tankers. A pipeline to Europe would reduce prices and seriously jeopardise Uncle Vlad's gas exports there.
Well, that and Tartus. (North African front and all that).
I'm sure there's a very appropriate Gary Larson cartoon somewhere.
