New US sanctions force end of dollar and euro trading on Russia’s main exchange

I have talked about how economically devastating this war has been on Russia and not just the cost of the war. I wrote this about a year ago and things have gotten even worse.

Russa

Now Russia has been forced to stop using the EU and American dollar, with the latest sanctions that kicked in today, and their exchange was shut down. On further investigation inside Russia, the dollar is selling now today for over 200 Rubles as people stand in lines to convert their money. The Ruble is officially about 90 to 1, and even that has had massive impacts on their economy.

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"The dollar rate is flying up in many banks," the Bankrollo channel said in a separate post. "Norvik Bank has set a new dollar exchange rate—the bank buys at 50 rubles and sells at 200."

20 0 to 1

a reply to: Xtrozero

Before too much longer the dollar will be worth toilet paper. Give Congress, the fed and the treasury a few more years and the dollar will be plentiful enough to start fires with.

China Hunter Joe !!!!! 😧😉😃


JUST IN: 🇨🇳 Chinese Yuan becomes the most traded foreign currency on Russia's Moscow Stock Exchange after halting all US Dollar and Euro transactions.

originally posted by: charlest2
a reply to: Xtrozero

Before too much longer the dollar will be worth toilet paper. Give Congress, the fed and the treasury a few more years and the dollar will be plentiful enough to start fires with.

I'm not sure it will take years. Just the population of the USA as compared to Russia suggests we may have a harder time weathering the strom-especially if current political agendas carry over to the next administration.

A movement away from the dollar—even in slow motion—will mean a rising cost of living for Americans. With fewer foreigners holding on to dollars, the US regime’s current runaway monetary inflation will create more domestic price inflation. In other words, movement away from the dollar will mean the US regime must engage in less monetization of the nation’s debt if it wishes to avoid runaway inflation. It also likely will lead to a need to pay higher interest rates on US government bonds, and that will mean a need for more taxpayer money to service the debt. It will mean that it will become more difficult for the US regime to finance every new war, program, and pet project that Washington can think up.

[markets.businessinsider.com...]

Wages are already behind our runaway inflation; the average person is going to be hard pressed to absorb much more.

a reply to: Xtrozero

For a country with an economy around the size of Texas, I’m curious if this moves the needle.

a reply to: Xtrozero

Meanwhile the US is well on its way to losing the petro dollar and its overall reserve currency status. But yea...we are sticking it to Russia real bad...smh the propaganda never stops...

a reply to: xuenchen

Both the European central bank and the Bank of Canada lowered their core interest rates by a quarter percent in the last few days. Jay Powell announced that the US central bank is going to keep rates higher for longer than expected *six months ago*.

The Hong Kong Monetary Authority (HKMA) left its base rate at 5.75% through the overnight discount window on Thursday, echoing the US Federal Reserve's (Fed) recent decision to keep interest rates unchanged.

If you think any of this will help you as an American citizen you are a f'ing moron...

originally posted by: CriticalStinker
a reply to: Xtrozero

For a country with an economy around the size of Texas, I’m curious if this moves the needle.

That country sits on 40% of the world's LNG reserves you'd be surprised.

originally posted by: charlest2

Before too much longer the dollar will be worth toilet paper. Give Congress, the fed and the treasury a few more years and the dollar will be plentiful enough to start fires with.

Not really, and not what the OP is about lol

originally posted by: CriticalStinker

For a country with an economy around the size of Texas, I’m curious if this moves the needle.

What needle, we are talking about the effects in Russia, not the world as a whole.

originally posted by: RickyD

Meanwhile the US is well on its way to losing the petro dollar and its overall reserve currency status. But yea...we are sticking it to Russia real bad...smh the propaganda never stops...

So one is real and one is not...OK... I guess you are the smart one...

originally posted by: JAY1980
If you think any of this will help you as an American citizen you are a f'ing moron...

What do I care as an American, WTF is your point? Why should it help or hurt me? Now if I was Russian in Russia, especially a young strapping dude, I would worry.

Get used to living in poverty. I can imagine what it will be like when the stock market turns down in the near future. This administration will accomplish getting rid of the middle class which seems to be what they want to do. But don't worry, they will just tax us more to make sure their welfare programs can continue. They are trying to make us one hundred percent dependent on the government....We need to quit voting for those who are doing this.

a reply to: Xtrozero

It's all fiat. If a currency goes down, another will take it's place sooner or later and the cycle restarts all over again. Life will forge ahead as it always has. Boom and bust is an inevitable, unavoidable fact of life.

Buy gold.

I can assure you of one thing...George Soros is licking his chops right now!

This is exactly the kind of stuff Soros gets right in the middle of and profits off of people's misfortune in the currency markets.

a reply to: Xtrozero

You do know Saudi Arabia just dumped the dollar as the trade currency for oil right...that means the rest of OPEC is right behind them. I know which one I find more important as an American...and its sure not what Russia does with dollars or euros...

a reply to: RickyD

Russia is one of the largest, if not the largest, counterfeiter of the US dollar. So, I'm not sure exactly how to interpret Russians lining up to buy US dollars. Russians could be unknowingly trading in rubles for fake US currency, especially if they don't even see it.

Sounds like the Euro will be in for a stormy time when the USD tanks. I take it as the growing BRICS economy is not working too well with the Euro at this time either.

a reply to: Xtrozero

Funny. Latvian Norvik Bank decided to make money. set the rate at 200 rubles, but who would buy from him for that kind of money. The largest banks in Russia have not changed their course.



The Moscow Exchange is a relic of the 90s of the last century. major players have long been buying dollars, if necessary, directly from their banks by agreement.

In general, these sanctions have been expected since 2022. The States kept dragging their feet, but they apparently understand that they still have the very last tools to somehow influence Russia’s policy regarding the conflict. It is possible that the United States considered such sanctions to be a trump card, but in reality they were not far from the usual six. Now everyone has agreed that there will be a cross rate depending on the yuan or an unofficial rate will be formed. However, considering how many banks with state participation are in the TOP 10, if the Russian state wanted it, the rate would be what it needs. Those. dollar at 200, as old Biden once dreamed and as Norvik Bank flattered him, this will remain dreams and flattery.