Ruble surges after Putin ditches dollars/euros for Russian oil and gas

“Ruble Surges After Putin Ditches Dollars and Euros for Russian Oil and Gas”


Earlier this week, 21WIRE highlighted the canny move by Russia to begin trading oil with India under a brand new ruppie-ruble mechanism – as a means of bypassing the global sanctions wall erected by the West in its economic war on Russia, and potentially anyone else who dares to defy the global diktats of the Washington-London-Brussels Axis. 

Today, the Russian President Vladimir Putin may have just pulled one of the most adroit strategic moves in living memory – one which has the potential rock the US dollar’s long-held privileged position as an unassailable world reserve currency.

Putin announced that from now on, Russia will only accept payments in their own currency, rubles, for any future gas deliveries to “unfriendly countries.” Presumably, this would include all EU members, the US, and anyone else who is dutifully going along with Washington’s orders on sanctioning Russia.

“I have decided to implement a set of measures to transfer payment for our gas supplies to unfriendly countries into Russian rubles,” said Putin this afternoon during a televised government address.

According to the President, Russia will stop taking payments in currencies that have been “compromised,” namely US dollars and euros.

Immediately after the announcement, the Russian ruble, after opening at 95, shot up in value against the dollar before hitting a three-week high peaking at 110, before settling down to 103 just before close. Experts believe this may be the beginning of a steady climb in value for the Russian currency as it may now officially achieve the status of a reserve currency – held perpetually in foreign banks in order to settle rolling purchases of major commodities, especially oil and gas. Meanwhile, the US dollar will steadily decline in comparative value as a result of shrinking demand.

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