4 ms·
That's a 50% currency devaluation in a fortnight while the country's main export is still barely in the crosshairs. Russia might really be done.
by benlumen 5y ago
That's a 50% currency devaluation in a fortnight while the country's main export is still barely in the crosshairs. Russia might really be done.
- djfobbz 5y agoUnless Russia decides to completely move off of "petrodollar"...they've already started to back RUBLE with gold and one of their largest oil suppliers, Rosneft, has moved to EURO as their default currency.
- benlumen 5y agoThe Ruble has devalued against the Euro by almost exactly the same amount. What am I missing?
- jonathan-adly 5y agoIf they backed their ruble with gold, the war would be over in a week. The Russian economy is functioning (barely) because they can print as much rubles as they need to pay the soldiers and factory workers. "Easy money, easy wars, hard money, hard wars".
- sgjohnson 5y agoThey moved away from “petrodollar” a while ago. But what difference does it make?
- belter 5y agoIf you are on the market for Russian weapons they are really cheap right now.