USD BANNED in Russia--Putin's War Economy in Crisis?

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[d.i.l.l.i.g.a.f.]

Putin - "so how much is the rouble worth now after my brilliant plan"
Shogiu - " one corn flake"
😂😂

[kimchi]

When I lived in Kyrgyzstan I got a substantial discount on my flat for paying in USD instead of COM. This will actually have an extremely longlasting and damaging effect on the economy. Local banks are already selling 1 USD to 200RUB. Thats insane. The Yuan is "stable" and inflated. As in stable and size China has an unstable economy due to their economy being back artifically based on on artificial growth. The recent real estate collapse showed just how volatile the Chinese market is.

[gringoamigo]

And suddenly, the Russian bots are much quieter now. That's weird.

[marcm.]

As an expat who lived in Russia until fairly recently, and who still has a Russian girlfriend who is a worker in an industrial factory in Western Russia, not in a major city BTW, foreign exchange is significantly more important than you give it credit for here. It isn't just her, who has a different motivation for needing foreign exchange, it is also people around her who don't travel or don't travel often, who absolutely want to hold on to foreign exchange of Western reserve currencies
The two most important currencies in Russia, in every exchange office, even in all of those towns and cities that do not have expats, are still dollars and euros. Followed quickly by the British pound, Chinese Yuan, and the Swiss franc in that order.
This is because those are the ones that are in demand by the general public of these towns and cities, not just the three big cities of Russia
While my girlfriend has need for foreign exchange so she can come and visit me two to three times a year, she's not the one I'm talking about with regards to these exchanges, I'm talking about people she works with in the factory, again we're talking about a city that isn't even in the top 20 in Russia
You're absolutely incorrect when you think that it is not important for Russians, and I'm not talking about just the ones who travel.
And the reasons are because you still need to have a way to hold wealth, and an emergency fund as well as access to goods that are not produced in Russia

[braider]

Ruble is in trouble. Gazprom losing so much $.

As for Saudi Arabia abandoning USD, it’s negligible. Saudi’s oil exports close to 250 billion (about 25% brought by China). That’s nothing in global trade.

US exports almost as much in oil and oil products. US tech exports are huge as well. US companies dominate the world just not in market capitalization .

[jefferyshute]

This is why Iran requires some of Russia's payments to be in gold, for the purchase of shahed drones and missiles. I think they know what's up with the ruble.

[AnthonyOMulligan-yvcg]

Personally I'm watching the Russian Rail Transport System, when that collapses there will be widespread food shortages as well as everything else in short supply.

[justinchin]

Good point but you forgot the fact that Chinese don't want rubles! Chinese want dollars! Who's gona get left holding the bag when a ruble is 300/1? Chinese don't want that shit!

[inprogress]

No ceasefire for you Pootin. Not in your wildest dreams..🇺🇦🇺🇦🇺🇦

[AutoReport]

"you're fired"
"You can't fire me, I quit!"

[tim_ash]

I judge that you are way out of your depth in explaining macroeconomics. In fact, this round of sanctions has had an immediate and profound effect. The "official" rate is 89 rubles to the dollar. But Russian banks are selling rubles at 200 to 1, and buying at 50 to 1. This giant spread means that no one wants rubles. This is massive inflation that will hit the whole Russian economy, and their central bank can't keep propping up the ruble since they need the money for their genocidal war.

[uria]

And certain politicians say that “War can work Wonders”

[bowgibbly]

Armored donkey carts seen advancing near karkiv. This is game changer

[MarkDalbey-cvsb]

That the government of China is stable, is very arguable.

[GrigoriZhukov]

I do not weep for the russians. Too busy pointing and laughing at them.

[deewells]

Tip in the art of war. Do not burn resources fretting over the hardships of the enemy. 100% Focus on mitigating hardships of our side.

[nygrvvz]

Your fatal flaw is giving credence to “official” exchange rates in a collapsing economy. The “official” exchange rate is approximately 86 Rubles to 1 USD. When in reality it’s more like 160-200 Rubles. And that’s even if you could find someone willing to exchange for practically worthless Rubles. Cuba is currently experiencing the same monetary situation. The “official” bank rate is approximately 130 CUP for 1 USD, which no sane person would do, because the real rate is between 330-390 CUP for 1 USD. I was recently in Cuba and restaurants & vendors are currently converting 1 USD = 330 CUP.

[laxmanbodra]

Sold all my ETH yesterday and bought AMS69X

[Noogleminus]

On the surface, it's not too bad. That said, look down the road. Six months from now, what currency would you expect the people of Amur Oblast to be using? What about people in the Sakha Republic? The U.S. and NATO effectively just planted signs throughout Russia that say "自助餐".


("自助餐" translates to "self-service meal" and is commonly understood in China to mean a buffet or all-you-can-eat dining.)

[davidlees]

China's Forex reserves are around $3.2 trillion. However only about 25% is held as USD (so that is about $750 billion). Plus the Chinese are not stupid and are not about to exchange USD for Russian Rubbles at artificial rate. The Chinese might be willing to sell the Russians dollars but they are going to squeeze hard whilst doing so. How long the Russian can then maintain that is probably not that long.