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The Luxembourg entities are not on the EU sanctions list[0]. That entity will essentially own Russia's Euro reserves from now on. It's not as if this hasn't ha
by neilwilson 5y ago
The Luxembourg entities are not on the EU sanctions list[0]. That entity will essentially own Russia's Euro reserves from now on.
It's not as if this hasn't happened before. The 'EuroDollar' came about after the invasion of Hungary in 1956. Russia has just invented the 'RuskiEuro', which is how the Bank of Russia will hold Euros for the duration - probably in settlement accounts at the National Clearing Centre in Moscow.
[0]: https://www.luxtimes.lu/en/business-finance/rubles-for-gas-plan-explains-why-gazprombank-escaped-sanctions-62468a1dde135b92366e5859 https://www.luxtimes.lu/en/business-finance/rubles-for-gas-p...
- JumpCrisscross 5y ago> 'EuroDollar' came about after the invasion of Hungary in 1956 The first known eurodollar account was opened in France for China during the Korean War, in 1949 [1]. The phenomenon is a result of the Marshall Plan, which left lots of physical dollars overseas and thus outside U.S. jurisdiction. [1] https://en.wikipedia.org/wiki/Eurodollar#History https://en.wikipedia.org/wiki/Eurodollar#History
- lobochrome 5y agoI agree. And since the RuskiEuro will be backed by a massive amount of commodity it'll be fairly hard currency. Zoltan Poszar has been clear on this[0]. My gut feeling is, that the EU, without any commodities, has a single choice: kick the Russian gas habit immediately, and force Russia to kill their western gas fields. Then pray they collapse in the next few years. If the EU keeps paying - Russia's new Gazprom central bank controlled RuskiEuro reserves will stabilize its economy and it will rise like a phoenix from the ashes. Even if we kick the gas habit, this might still happen if Putin keeps his thumb on public sentiment enough. [0]https://www.credit-suisse.com/about-us-news/en/articles/news-and-expertise/we-are-witnessing-the-birth-of-a-new-world-monetary-order-202203.html https://www.credit-suisse.com/about-us-news/en/articles/news...
- petre 5y agoPresident Trump was right about the gas terminal, North Stream 2 and ≥2% GDP for NATO militaries. Of course it was coming from his advisors. But no, the EU leadership decided to live in fantasy land. Only Eastern European states, Poland and the Baltics understood.