Record Oil-Gas Revenue for RUSSIA - Despite So-Called Crushing Sanctions Against the Country.

Wednesday, April 6, 2022

It appears the "sanctions" against Russia that President Biden are so proud of, are not as effective as he portrays them to be. Russia is poised to break a $$$ earnings record in its energy sector.

International sanctions on Vladimir Putin’s regime sank it to a record low of 121.5 rubles per dollar, triggering memories of the battering it took during the 1998 Russian financial crisis.

Things looked dire enough that U.S. President Joe Biden said the ruble had been reduced to “rubble.”

Now, though, it sure hasn’t. The ruble has surged all the way back to where it was before Putin invaded Ukraine, closing at 79.7 in Moscow on Wednesday.

What’s become clear is that despite an incredibly wide-ranging package of sanctions on the Russian government and its oligarchs, and an exodus of foreign businesses, the actions are largely toothless if foreigners keep guzzling Russian oil and natural gas -- supporting the ruble by stocking Putin’s coffers.

More at: finance.yahoo.com...

FYI - The country of HUNGARY just announced that it is breaking with most other European nations. The country will resume buying gas from Russia, paying for it with Roubles, as Putin has demanded.

Hungary breaks with EU Alliance: www.reuters.com...

-CareWeMust

Aligning your currency to the forint is nothing to write home about. 1 forint to 1/4 of a ruble. The forint is also always in a constant state of flux. This was expected after the election anyway.

I’ll comment later to the other. Haven’t read your source on that because I don’t have time and it’s asinine to respond without at least reading what your source says.

Hungary is puppet state to Russia as Ukraine may be to US.

a reply to: carewemust

IDK about russia but Im sure feeling them.

a reply to: PassiveSeeker

It Seems that Russia still has several large-consumption customers.

originally posted by: JinMI
a reply to: carewemust

IDK about russia but Im sure feeling them.

I don't think Russia has much influence on those of us in America. Biden says Russia/Putin is the cause of our miseries, but that's simply him skirting responsibility.

a reply to: carewemust

Can you provide evidence of him dealing with responsibility differently, ever?

a reply to: carewemust

Okie

In response to this year’s sanctions, Russia has enacted capital controls that also appear to be supporting the ruble. That includes freezing the assets held by nonresident investors, and telling Russian companies to convert 80% of the foreign currencies they hold into rubles. This has some observers doubting the significance of the ruble’s recovery to pre-invasion levels -- which is also happening amid the lightest trading volume in a decade. “It is not a free-floating currency given all the measures imposed by the authorities,” Tresca said. U.S. Treasury Secretary Janet Yellen said basically the same thing Wednesday when testifying before Congress, warning against drawing deeper messages about sanctions from the ruble’s rebound.

This is what I was thinking it could be. An illusion. It’s a proped up economy that’s doomed to fail in the future. They’re so many restrictions, will they operate like this forever?

All I see is a proped up economy that can’t function without massive restrictions.


ETA: but yes, quite a few countries are still buying oil Some at low coast though, like India, who said they’re getting it at half price.

a reply to: PassiveSeeker

And the tons of oil sold to ships which turns off their transponders while following other russian tankers in russian territorial waters. Those ships wouldn't be any of the folks openly buying oil...those ships are from sanction countries.

a reply to: carewemust

I agree, its been Bidens asinine policies (that word is great, one of the above comments reminded me to use it more in my vocabulary) that caused A rise in gas prices, the main one being making us dependent on other countries for oil so him and his criminal associates and special interests can line their pockets again on the backs of Americans.
President Trump had us energy independent with gas under $2 a gallon. Now, here in Massachusetts, gas is 4.35 A gallon for regular.

Trump Won!

originally posted by: BerkshireEntity
...the main one being making us dependent on other countries for oil...

We've been in constant dependence on foreign oil since the 1970's. Take a look at the EIA import data.

originally posted by: JinMI
a reply to: carewemust

Can you provide evidence of him dealing with responsibility differently, ever?

Do you want me to post examples of Biden declaring,

"The buck stops here with me. PERIOD!"

August 30, 2022

RUSSIA Oil Sales and Revenues continue Soaring.

Source: justthenews.com...


And people in Europe are suffering due to their leaders NOT buying Russia Gas and Petroleum.

Source: www.nationalheraldindia.com...


Yet, Ukraine President Zelenskyy wants Europe to Ramp Up their Sanctions against Russia even more!

Source: www.arabnews.com...

U.S. News outlets are making this a low priority story, because the Billions of US Taxpayer dollars Biden has sent to Ukraine, is having little desired effect...with much of the $$$$ and Weapons being squandered, sold, etc..