Fascinating to watch( from afar or near) the implosion of the whatever-system( “establishment”), and all that was metals mealts, I mean melts, into AIR( buds, etc. …).
Plot Twist: Russia Does Not Demand Payment for Russian Gas in Rubles at All!!
– Investment Watch Plot Twist: Russia Does Not Demand Payment for Russian Gas in Rubles at All – Investment Watch
I was curious about this and came upon the following article, which seems to explain how the currency swapping and payment will work:
If I understand it, the idea is foreign purchasers have to trade their currencies for rubles, via one particular Russian bank, just before paying. This keeps the oil and gas flowing while protecting that Russian bank from additional sanctions:
The Kremlin decree mandates that deliveries starting from April 1 be paid for in rubles. Foreign buyers need to open special ruble and foreign currency accounts at Gazprombank to handle payment, which can be done remotely. Buyers transfer foreign currency to pay for the gas into their accounts, Gazprombank converts the funds to rubles on the Moscow Exchange and transfers rubles into the buyer’s ruble account for payment on to Gazprom. The payment is considered complete when the rubles reach Gazprom’s account.
Yes, it’s very curious, and not at all the way I think about buying, say, a bag of lemons – but, there ya go. Probably CAF, with her degrees in Economics etc., would have a better chance at parsing this. Me, I get troubles just comparing the price of parsnips.