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Major Japanese banks to halt dollar transactions with Russia's Sberbank

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Paul, Putin is trying to force European energy consumers to pay in rubles to try to strengthen the now somewhat worthless currency. Problem is that would be a breach of contract, like your credit card company suddenly saying you have to pay in some exotic currency. Putin is getting desperate.

4 ( +7 / -3 )

Hello Ruble, Yuan, Yen and even blockchain.

They aren't going to trade on rubles. SWIFT is just a message format exchange. It's a promise to transfer physical money. Which means you charter a plane or boat to move a pallet of cash at some point. No one wants to do that with rubles.

Russia will already sell crude with crypto. But it's a currency with huge fluctuation second to second. So far no one has wanted to go that route.

Most likely is Yen or Yuan.

4 ( +5 / -1 )

About time too.

2 ( +6 / -4 )

Great news! Keep it up! The more restrictions & sanctions, the better!

Squuuueeeeze!!!

1 ( +6 / -5 )

India is already paying the Rubles, the EU is starting to make the switch.

The financial markets agree, the Ruble is up big time.

This whole thing is looking less and less like a war on the Ukraine and more and more like a carefully crafted plan by Russia, China and India to break the chokehold of the USD global payment system.

But none of this is actually true.

1 ( +6 / -5 )

Problem is that would be a breach of contract

Really? Well that's that! The Russians can't possibly do it if it's a breach of contract, can they? But if the ruble is worthless, as you say, why would anyone have a problem with using it to buy gas? Wouldn't it mean free gas? And it's not just Europe. Japan and South Korea also.

1 ( +2 / -1 )

Sanctions haves toughened Russia. Russia defaulted back in 1998. Basically it said “screw you” to the lenders, and the lenders ate their losses. Russia’s economy came back. Not a big deal in the grand scheme of things. The country simply wasn’t going to twist itself in knots over something “trivial” such as foreign debt.

1 ( +4 / -3 )

Has anyone else ever wondered when sending money from a Japanese bank to another country it always seems to get transferred into dollars and always seems to pass through a bank in New York?

1 ( +1 / -0 )

Hopefully Bronco is right and it means these banks will deal in rubles instead.

That'll be great news.

0 ( +6 / -6 )

Aren’t they going a little too far? You never know what a cornered animal might do.

0 ( +4 / -4 )

They aren't going to trade on rubles.

Someone in Japan is or Japan won't be any gas from Russia. Oil to soon follow. Metals, wood, fish and etc after that.

0 ( +2 / -2 )

India is already paying the Rubles

No. A large oil company in India wishes to buy Russian oil at a deep discount and has asked the Indian government to devise a means for them to make the purchase in Rubles. A suitable mechanism has not been identified and Indian banks are afraid to touch the transaction fearing they too will be sanctioned by the west.

0 ( +0 / -0 )

Problem is that would be a breach of contract,

Or when you deposit money in the bank and the bank says you can no longer access that account, that is a breach of contract.

When the EU froze Russia's accounts they breached the contract and made it null and void.

India is already paying the Rubles, the EU is starting to make the switch.

The financial markets agree, the Ruble is up big time.

This whole thing is looking less and less like a war on the Ukraine and more and more like a carefully crafted plan by Russia, China and India to break the chokehold of the USD global payment system.

-1 ( +6 / -7 )

No. A large oil company in India wishes to buy Russian oil at a deep discount and has asked the Indian government to devise a means for them to make the purchase in Rubles. A suitable mechanism has not been identified and Indian banks are afraid to touch the transaction fearing they too will be sanctioned by the west.

As they should be. Friends of Russia are now on the side of tyranny. We should not support these friends in their endeavors - if they want to throw their lot in with Russia, they will have to hope that Russia will be good friends to them, and not say, invade their nation and murder their civilians.

-1 ( +0 / -1 )

They are going to be buying rubles or we are all going to have live off sashimi.

-2 ( +3 / -5 )

Disruption of their dollar dealing with the Russian bank will likely force Japanese companies doing business in Russia to seek alternative ways to settle payments such as using non-U.S. banks, the sources said.

They are not stopping transactions, merely moving to alternate currencies and forms of payment.

Bye bye USD.

Hello Ruble, Yuan, Yen and even blockchain.

Losers: US banks

Winners: Chinese and European banks

-4 ( +7 / -11 )

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