In a dramatic reversal of the ruble, Russia is considering adding “payment in rubles” to its exports.
After the outbreak of the Conflict between Russia and Ukraine, the comprehensive sanctions from the US and Europe have led to rising inflation in Russia and the collapse of the Russian currency, the rouble.But after Russia’s “rouble gas purchase” counter-measures, the rouble exchange rate has reversed sharply, recovering all losses in financial markets.In fact, the United States and Europe want to destroy Russia’s export pillar through the means of energy export sanctions, but Russian President Vladimir Putin has taken a step ahead, forcing all “unfriendly” countries to use roubles for gas settlement, or cut off gas supplies.The Russian government is considering further increasing Europe’s dependence on Russian energy. If Europe goes ahead with sanctions on Russian energy exports, it will be sanctioning itself.In response to Russia’s response, some European countries have begun to buy large quantities of rubles without a wild rise, and others have opted to follow suit.Under such circumstances, the rouble exchange rate has risen steadily, and the pressure on the Russian economy has been eased.To European surprise, Russia upped the ante by offering to buy back European bonds in rubles rather than dollars.Russia is said to have a $2 billion bond that it voluntarily broke if the international monetary system required it to be repaid in dollars.Britain said Russia had seriously undermined the “existing system” and risked defaulting on its debt.Not only that, but Russia wants to take even more aggressive countermeasures.Volodin, chairman of the Russian State Duma, believes that in order to counter the sanctions imposed by western countries, the Russian government should consider changing the payment method for all bulk export goods to “ruble payment”. If you want to buy timber, grain and other items, you need to use ruble settlement.But he said Russia had not yet decided whether to target only “unfriendly” countries or all countries.With its resources, Russia has waged the perfect war against the dollar.This series of measures are to gradually reduce the scope of the use of the DOLLAR through countermeasures. If Russia’s established policies are really developed, the exchange rate of the ruble will rise in the future. Western countries not only failed to achieve the purpose of economic sanctions against Russia, but also made the Russian currency stronger.This also shows that the Russian government was not afraid of western sanctions at the beginning of the conflict, and had already planned countermeasures.Some sources: Chengdu Radio and Television