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The contracts were signed in euros. Rubles for sale on the market are controlled in large part by Russian entities. They've been artificially limited in making
by yostrovs 4y ago
The contracts were signed in euros. Rubles for sale on the market are controlled in large part by Russian entities. They've been artificially limited in making rubles available, driving up the price of the ruble.
- Thorrez 4y agoIf the contracts were signed in euros, then that's even better for Europe. The more the ruble goes up in value, the lower the oil price goes. E.g. if they signed at 1€/gal when €1=10 rubles, then rubles double in value so €1=5 rubles, the price of oil goes down from 10 rubles/gal to 5 rubles/gal.