Yes, and the FED has printed about 80% of ALL the dollars ever printed in the last 2 years
Out of $600 Billion in Foreign Reserves, Russia had about $300 Billion frozen in the West, and has already burned through over $200 Billion of the remaining.
Having defaulted on their foreign debt for the first time since 1917, Russia is effectively cut off from credit, while they run a growing budget deficit.
So they have been printing rubles. Their money supply surged over 50% in less than six months. Serious domestic inflation is baked into the cake over the next year from that, but they are still printing hot.
Gas export volume is already down about 40%, and that is never coming back. When oil prices drop back to their pre-COVID norm of around $60/barrel, Russia’s economy will be in depression, likely worse than the 1990’s.
Right now India is buying oil and gas from Russia
violating the sanctions, India is propping up
Russia by replacing the EU purchases that the
EU no longer makes due to the pipelines being turned
off and EU countries not wanting to reward the
unprovoked war against the Ukrainians.
We expected China to help their fellow Communist
friend Putin, but a huge country like India
buying Russian oil we didn’t expect.
I would demand India follow the sanctions or face
its own sanctions from the west.
Yes, and the FED has printed about 80% of ALL the dollars ever printed in the last 2 years