but it’s still pennies on the dollar. Their threat of a 4M ruble sanction on Wikipedia for documenting the Ukrainian invasion was only $49k. You could put that on a credit card.
Russia isn’t going to freeze if they can’t sell gas in the short term. If you look at Russia’s overall economy, energy exports are only a small portion of it. Meanwhile, China and India will only be too happy to take over the energy trade long term, and Europe will be losing Russian energy going forward regardless of what they do now.
Gas isn’t just used for heating, you need it for manufacturing, fertilizer and tons of other things. Russia’s exports and 40% of federal government income do not come from energy.
Notice the year there. Russia spent a lot of effort reindustrializing and diversifying its economy after 2014 sanctions. They also have a big war chest right now, so they can afford to play chicken with Europe much longer than Europe can.
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it’s better to have gas then to need gas :)
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Burning money is not an efficient way to heat your house :)
NOoOoOoO!!!
- libs
The exchange rate makes burning rubles quite competitive.
Ruble is almost back to where it was pre-invasion.
Russia is one of the biggest exporter of commodities in the world (oil, natural gas, wheat…). Ruble has plenty of support.
That uptick is quite striking:
https://www.google.com/finance/quote/RUB-USD?window=5Y
but it’s still pennies on the dollar. Their threat of a 4M ruble sanction on Wikipedia for documenting the Ukrainian invasion was only $49k. You could put that on a credit card.
Russia isn’t going to freeze if they can’t sell gas in the short term. If you look at Russia’s overall economy, energy exports are only a small portion of it. Meanwhile, China and India will only be too happy to take over the energy trade long term, and Europe will be losing Russian energy going forward regardless of what they do now.
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Gas isn’t just used for heating, you need it for manufacturing, fertilizer and tons of other things. Russia’s exports and 40% of federal government income do not come from energy.
https://www.statista.com/statistics/1235291/legal-entity-revenue-by-industry-in-russia/
https://www.statista.com/statistics/271373/distribution-of-the-workforce-across-economic-sectors-in-russia/
Russia has already built power of Siberia pipeline to China and they’re building two more as we speak.
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Notice the year there. Russia spent a lot of effort reindustrializing and diversifying its economy after 2014 sanctions. They also have a big war chest right now, so they can afford to play chicken with Europe much longer than Europe can.
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Indeed, things will be a lot more clear when the dust settles. Let’s just hope humanity is still around by then. :)