With the exception of China and Turkey, their export and import markets have been massively hit
And even in places where they have the markets (like India or China), the money is stuck abroad in local currency as the article states
Posted on 06/01/2023 10:13:51 PM PDT by Cronos
Edited on 06/01/2023 10:50:14 PM PDT by Jim Robinson. [history]
Bloomberg
In other words, the sanctions failed.... lol.
Why don’t they invest the rupees into India H1-B export giants Tata and InfoSys, who are making a killing as Silicon Valley replaces U.S. workers with a massive new influx of allowed H1-Bs.
This also demonstrates why the anti-dollar stance of Russia and the BRICs is doomed to failure. Fellow BRICster India is pleased to take Russian oil and other products in return for fiat money rupees that are parked in Indian banks and effectively useless to Russia. And if it seems a little unfair for India to do that, keep in mind that India has been swindled by Russia for decades in arms sales, often being over-charged and suffering long delivery delays and quality issues.
No, but it also does not indicate the the US dollar position is weaker. This Russian problem illustrates one of the reasons why the dollar is a reserve currency. Ability to readily exchange for desired imports.
With the exception of China and Turkey, their export and import markets have been massively hit
And even in places where they have the markets (like India or China), the money is stuck abroad in local currency as the article states
Your showing a graph of 2019 which means nothing without the same graph for 2023.
The new trading partners that they have signify a considerable about-face and is difficult to turn away from (as Russia's population and export/import direction is heavily based in the European part of Russia)
And, as the article clearly states - the new trading partners are getting a big pound of flesh out of Russia
Furthermore, the bulk of Russia's exports before they invading Ukraine for the second time in Feb 2022 were to high profit margin markets in Europe. Now, Russia is not only selling at break-even if not at a loss, but is also selling in the market's currency and keeping the money there (as the article states)
Turkey is broke and China is increasingly failing. The Russian connection is mostly hype to cloud the withering Russian economy
India is importing the super cheap Russian oil and exporting gasoline and laughing all the way to the bank.
Turkey is broke and China is increasingly failing. The Russian connection is mostly hype to cloud the withering Russian economy
India is importing the super cheap Russian oil and exporting gasoline and laughing all the way to the bank.
India is getting Russian oil at a 40 to 50% discount and getting paid in rupees that can’t be taken out of India.
So the Russians will need to sell oil and gas at a heavy discount (probably a loss) to India, and the money they earn has to be invested in Indian public concerns.
in short India gets Russian oil for free
Stupid Roooooskys getting screwed. As India pays them with a blocked and effed up Rupee currency. That cannot be used to pay for anything. Except stuff from India.
India gets real useable oil. While Dumb Roooskys get a mountain of paper IOUs.
the sanctions worked
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