CNBC reported the following:
Cut off from the West, Putin says almost 40% of Russian trade turnover is now in rubles
June 7, 2024
Russian President Vladimir Putin said on Friday that nearly 40% of the country’s trade turnover is now in rubles as the share conducted in dollars, euros and other “non-friendly” Western currencies has fallen away.
Speaking at the St. Petersburg International Economic Forum (SPIEF), Putin said countries “friendly to Russia” were the ones that deserved special attention as they will define the future of the global economy, “and they already make up three-quarters of our trade volume.”
He added that Russia would seek to boost the share of settlements conducted in the currencies of BRICS countries, referring to an economic coalition of emerging markets which includes Brazil, Russia, India, China and South Africa.
Putin said payments for Russian exports in “so-called ‘toxic’ currencies of non-friendly states” had halved over the last year.
“With that, the share of the ruble in import and export operations is increasing, now standing at almost 40%,” Putin said, according to a translation.
Russia’s president detailed plans for a major overhaul of the country’s domestic financial market, including plans to double the value of the Russian stock market by the end of the decade, reduce imports and boost investment in fixed assets.
His comments come as the Kremlin leverages SPIEF to court new relationships with countries in Asia, Latin America and Africa.
The West has sought to cut off Russia’s $2 trillion economy in response to Moscow’s full-scale invasion of Ukraine in February 2022. Yet Russia’s economy is expected to grow faster than all advanced economies this year, despite several rounds of international sanctions.
In its World Economic Outlook in April, the International Monetary Fund said it expected Russia to grow 3.2% in 2024, exceeding the predicted 2.7% growth rate of the U.S. (2.7%). Germany, France and the U.K. are projected to log even lower economic expansions of less than 1%. https://www.cnbc.com/2024/06/07/russia-putin-says-nearly-40percent-of-russian-trade-turnover-is-in-rubles.html
One of the unintended consequences of the Crimea-related sanctions placed on Russia by the Obama-Biden Administration was that Russia took steps to be more “sanctions-proof.” And while Russia is affected by the Western sanctions, they have not toppled like the USA and EU wanted. For example, notice the following Voice of America reported the end of March 2022:
Russia’s Ruble Rebound Raises Questions of Sanctions’ Impact
March 31, 2022
The ruble is no longer rubble. …
President Joe Biden promoted the success of the sanctions — some of the toughest ever imposed on a nation — while he was in Poland last week. “The ruble almost is immediately reduced to rubble,” Biden said.
https://www.voanews.com/a/russia-s-ruble-rebound-raises-questions-of-sanctions-impact-/6509012.html
While sanctions do impact the Russian economy, there are costs to those who impose them. US President Joe Biden’s statement of the ruble’s (also spelled rouble) demise to rubble were premature at best.
Sanctions and tariffs almost always have unintended consequences.
Today, Voice of America reported:
June 7, 2024
ST. PETERSBURG, Russia — Cut off from the West, Russia is pitching its $2 trillion economy to giants like China and Saudi Arabia and longer-term prospects like Zimbabwe and Afghanistan at its premier investment forum in St. Petersburg, which was founded by the czars as a window to Europe. …
The 2022 invasion of Ukraine, though, has forced President Vladimir Putin to pivot towards Asia and the rest of the non-Western world amid what the Kremlin says amounts to an economic blockade by the United States and its European allies.
Western sanctions have not torpedoed Russia’s economy, however, and Moscow has nurtured ties with China, major regional powers in the Middle East and across Africa and Latin America. …
Bolivian President Luis Arce, who will join Putin at the main session of the St. Petersburg International Economic Forum, said he wanted to share the experience of Bolivia’s new economic model — with a big state — since 2006.
“We have our own economic model, which we have been implementing since 2006, and we want to share this experience,” Arce told Putin.
Zimbabwean President Emmerson Mnangagwa is attending, as are 45 other foreign officials including the Saudi energy minister, Oman’s minister of trade and commerce, and a senior Taliban official. …
Chinese dragon
State-controlled banks such as Sberbank, VTB and VEB have massive stands, as do Russian regions and ministries along with resource giants such as Gazprom Neft and Novatek.
In a sign of the times, Alfa Bank’s stand was a vast Chinese inflated dragon adorned with Chinese characters and an assertion that Alfa was “the best bank for business with China.”
Chinese luxury car brand Hongqi featured armored vehicles. A delegation from the Taliban, still officially banned in Russia, toured the stands. The Taliban originally drew members from fighters who, with U.S. support, repelled Soviet forces in the 1980s.
The theme of the forum is the statement: “The foundation of a multipolar world is the formation of new points of growth.”
While Russia’s economy has shown resilience in the face of stringent Western sanctions, prices are rising as defense spending balloons.
In dollar terms, the economy is about the same size it was a decade ago, and Putin is locked into an economic war with the West, whose financial might is at least 25 times bigger than Russia’s on a nominal GDP basis.
From many foreign attendees there was praise for Russia. “This year’s event has grown in size… There are a lot of opportunities,” Nebeolisa Anako, an official from Nigeria, told Reuters.
“The West may be actually isolating themselves as they are a minority in the world, although a very important part of the world. It is always better to cooperate with other parts of the world.”
Other officials from Africa and the Middle East echoed those words.
Saudi Energy Minister Prince Abdulaziz bin Salman met Putin’s energy point man, Deputy Prime Minister Alexander Novak, at the forum.
Novak said “friendly countries” took the vast majority of its oil exports and that about 70% of it was paid for in national currencies.
“We already supply 95% of oil and petroleum products to friendly countries this year in four months,” Novak said. https://www.voanews.com/a/amid-war-putin-looks-east-at-investment-forum/7646592.html
Russia, along with many other nations, has felt it has had little choice other than to try to bypass the US dollar in trade.
But that is not just because of its ‘Special Military Operation’ into Ukraine.
Here is something from my free online book, Lost Tribes and Prophecies: What will happen to Australia, the British Isles, Canada, Europe, New Zealand and the United States of America?, discussing the three woes along with Russia and China:
Those in Iran and some of the Arab lands, along with nations such as Brazil, China, and India have discussed plans for the removal of the dominance of the U.S.A. in global trade as well. The former (again current) President of Brazil, Luiz Inácio Lula da Silva, even claimed that eliminating the U.S. dollar’s reserve currency status was one of the reasons that the BRICS alliance (Brazil, Russia, India, China, and South Africa) was formed in the first place. [i] Others have noted that bypassing the USA dollar is still an object of BRICS—and officially BRICS nations “are currently working on setting up a new global reserve currency,”[ii] which may have gold-backing.[iii] The expansion of BRICS (which is in progress) may ultimately even hurt Australian trade as well as “severely weaken primacy of the US Dollar as an international currency.”[iv]
The Bible clearly warns against cheapening the money supply and encourages having money hold its value (Proverbs 25:4 Isaiah 1:25, Ezekiel 22:18-22). Debt is also warned against (Habakkuk 2:6-8). Yet policies enacted under the Obama, Trump, and Biden Administrations, following certain other administrations, have ignored these warnings.
[i] Escobar P. BRICS was created as a tool of attack: Lula. Asia Times, August 28, 2019
[ii] BRICS developing new global reserve currency – Putin. RT, June 22, 2022
[iii] Helms K. Economists Discuss Russia, China Potentially Developing Gold-Backed Currency. BRICS Information Portal, November 11, 2022
[iv]Hunter M. BRICS Is Becoming The Big Kid On The Block: Implications For Australia – Analysis. Eurasia Review, November 1, 2022
One day the US dollar will be toppled–Russia, the BRICS alliance, many other nations, and even the European Union want that to happen. China, which wants Taiwan to re-unify with it, is also taking steps to be less impacted by future Western sanctions. The world is changing and moving away from the Anglo-American world order of the past couple of centuries.
Related to BRICS and the US dollar, we put together the following video:
14:31
BRICS Push Aside USA Dollar
The BRICS nations (Brazil, Russia, India, China, and South Africa) have as one of their founding goals, to eliminate the need to use USA dollars in cross-border trade. Six additional nations have been invited to join BRICS in 2024, and India reports that six more are also being looked at. The BRICS nations have already began to drop the USA dollar for some cross-border trading with Russia and China indicating that they had almost done so completely in late 2023. What will happen to the economy and value of the USA dollar if more and more nations stop using it as a primary reserve and trading currency? What about hyperinflation? Does the Bible prophesy destruction for a highly indented nation in the end time? Is the USA the most indebted nation of all time? What about the intent and use of the Euro? Will Europe and Asia cooperate to eliminate the USA and its British-descended allies?
Here is a link to our video: BRICS Push Aside USA Dollar.
A lot is happening.
The USA dollar will no longer remain “king.” This will greatly impact the economy of the USA.
As Jesus said: “And what I say to you, I say to all: Watch!” (Mark 13:37).
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