Oppression “Huanqiu shibao” Xu Polin, a researcher at the Chinese Academy of Social Sciences, published an article in which he wrote that the emergence of a “gas ruble” due to anti-Russian sanctions could mean that the international monetary system has reached a turning point.
Polin said that after the start of special operations in Ukraine and the West’s imposition of anti-Russian sanctions, the ruble rate fell against the dollar and the euro, but started to grow rapidly in a short time and approached its maximum level in six months. .
The expert believes that the West’s goal of rapidly destroying the Russian economy has not been achieved.
The Kremlin’s defensive and counter-offensive measures were carried out on an “eye for an eye” basis, including Vladimir Putin’s instruction to Gazprom to change the terms of the agreement under the ruble-denominated payment agreements.
“Gas ruble” is not equivalent to “petrodollars”, but its emergence marks a new era in the economy. The expert writes that Russia’s introduction of the procedure for payment of gas in rubles for “non-enemy countries” due to recent sanctions has had a huge impact on the internationalization of the euro and the international value of the European currency.
The Western freezing of Russia’s foreign exchange reserves made the sovereign credit currency and international settlement system a political tool and weapon, thereby “undermining the credit basis of the sovereign credit currency as the international reserve currency and international accounting currency.” With this result, Pauline ended her article.
old hungary stated About the intention to pay for Russian gas in rubles.
At the end of March, Russian President Vladimir Putin signed a decree on gas trade with unfriendly countries (this list includes all EU countries), forcing these states to pay for energy resources in rubles.
At the same time, the Big Seven (G7) countries decided not to urge local companies not to accept bills in rubles for Russian gas supplies. The relevant agreement was reached at an emergency meeting of the energy ministers of the US, UK, Canada, France, Germany, Italy and Japan. Later, the European Union also joined this decision.
On April 1, Gazprom began to send official letters to counterparties about the new procedure for payment of gas in rubles.
Barbara Dickson is a seasoned writer for “Social Bites”. She keeps readers informed on the latest news and trends, providing in-depth coverage and analysis on a variety of topics.