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Putin's demand for ruble payments? No way, say EU nations

36 Comments
By RAF CASERT and SAMUEL PETREQUIN

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India bought millions of barrels of oil from Russia in rubles last week.

Saudi Arabia will likely accept yuan from China for oil.

China stated it will no longer trade oil using the dollar and will buy using the yuan and from Russia in 2017.

9 ( +18 / -9 )

Unfortunately the Ruble has not collapsed. MarketWatch has it down about 23%. Sterling went down almost that much after Brexit, which was a British government policy. At no point did Westminster announce that Sterling had collapsed.

On sanctions, most of the heavy lifting is being done (and paid for) by private corporations withdrawing from Russia. The oligarchs have hidden their cash and government sanctions have been limited. It is all starting to look rather scripted, with the exception of Ukraine's resistance, which is punching above its weight.

China will do well out of Russia's situation, but China are not a problem for the US any more. Xi's crackdown on assorted sectors and Covid zero policies have taken China out of the game in tech and other areas.

-2 ( +7 / -9 )

We are watching Europe commit economic suicide. In Britain the OBR is forecasting the biggest annual fall in living standards since records began. Ordinary people will now pay the price for geopolitical games our politicians and institutions have been playing (and losing) in Ukraine.

2 ( +13 / -11 )

Well then, the EU is going to have to pay extra for crumbs from America. America played the EU and UK like a fiddle.

0 ( +15 / -15 )

Europe has ignored all the warnings that it was laying its self open to energy blackmail, greedy and small minded politicians couldn’t or wouldn’t see the risk. Now they are paying the price.

Poo tin’s one trick pony of an economy is reliant on exporting fossil fuel to fund his grandiose delusions of empire and military might, by invading Ukraine he has forced otherwise reluctant European governments to accelerate their move away from burning fossil fuel for energy. National security trumps all else when threatened and in modern economies energy security is a major element of that, so locally produced and controlled energy and especially renewable energy ticks all the boxes plus meeting their environmental commitments. Europe’s need for gas/oil will nosedive and any remaining requirements will be sourced anywhere but Russia.

Poo tin’s brilliant strategy has cut off the long term money supply his military breams require, he’s killed the goose that lays the golden eggs!

4 ( +12 / -8 )

Revealing who is wearing a conjoined National and Ukrainian flag in their lapel in the photographs.

1 ( +2 / -1 )

If The European nations don’t want to pay in Rubles then they can look elsewhere for their oil and gas…not many options for them and end result will be they’ll suffer and their own citizens will turn on them when the price for gas and oil skyrocket due to shortage!

India, China and some other countries will continue to buy in rubles from Russia so no problem for them!

Yes, the invasion is terrible but counties should sanction Russia other ways and keep the oil situation out of this!

-2 ( +6 / -8 )

Typo… counties- countries

0 ( +1 / -1 )

not many options for them

There are plenty of options: US gas exports to Europe are set to rise. Russia is closer but so what? Nobody needs them.

-7 ( +4 / -11 )

No way? Well, they won't have any gas.

3 ( +7 / -4 )

It may sound offbeat but why don't they reconsider Iran as well? This can even be a fresh start for nuclear talks?

0 ( +1 / -1 )

Three USA President and their administration told the EU not to buy Russian energy first mention by Obama in 2013 then repeated by Trump and now Biden.

1 ( +1 / -0 )

..wondering what consequences will be in case of Japan

I think the Japanese government has worked out payments to oil wholesalers to keep the cost of gas down. Everyone seems complacent about the plunge in the value of the Yen. Almost ¥122/$1 today. Food prices are soaring.

3 ( +3 / -0 )

Why not just use BitCoin?

-2 ( +1 / -3 )

Well it’s his gas so ……

3 ( +6 / -3 )

Joe BlowToday  11:14 am JST

not many options for them

There are plenty of options: US gas exports to Europe are set to rise. Russia is closer but so what? Nobody needs them.

Really? Source?

And how is the USA going to supply 40% of Europe's gas by the imaginary Atlantic pipeline?

Or are we going to see a "Berlin airlift" style gas container ships flotilla going back and forth between the USA a Europe?

Are there even enough ships able to transport that much gas?

Remember the ships presently in use are alrea6 busy shipping gas to places like Japan and China not sure they w6 appreciate having their supply cut!

As for the other alternative, through Turkey, 2 pipelines to Turkey one goes through Syria not sure how long it may stay intact.

And then it is how to connect them to the few pipelines into Europe that don't even go to Germany.

Sure if Europe has a year or so to build compressor stations, a few thousand kilometers of pipelines then I guess no problem.

2 ( +5 / -3 )

wondering what consequences will be in case of Japan

Seems some here are confused between gas and oil.

Japan gets its oil mostly from the middle East. And the Japanese an EU supplies are safe

We are talking gas.

Japan gets its liquified natural gas from multiple sources including Canada now.

Now understand the logistics involved before saying things.

Russia send natural gas direct to Europe via pipelines known as NGL (natural gas liquid ) not to be confused with LNG which is what is exported to Japan from Canada and to Europe from the USA LNG need additional processing and higher pressure and is shipped in containers under pressure.

To replace the amount shipped by pipeline would require new processing and compression stations and tens of thousands of new LNG transportation tanks.

3 ( +6 / -3 )

GBR48, UK departure from the EU financially can be interpreted in many conflicting political, cultural, and economic consequences.

The main, my humble option is culmination, result.

UK is a market economy, the market will always decide the outcomes.

The dangers here are presented by a leadership, the photo is a give away, is unable, may I suggest incompetent both politically/economically, all are failed in office.

The Russian threat is potent since the EU imports 90% of the natural gas used to generate electricity, heat homes and supply industry, with Russia supplying almost 40% of the bloc's gas.

Here is the pinch, the Rubb.

4 ( +4 / -0 )

We are watching Europe commit economic suicide. In Britain the OBR is forecasting the biggest annual fall in living standards since records began. Ordinary people will now pay the price for geopolitical games our politicians and institutions have been playing (and losing) in Ukraine.

Sometimes, principle comes first. Always do the right thing, and the economy will take care of itself.

-2 ( +3 / -5 )

Sometimes, principle comes first. Always do the right thing, and the economy will take care of itself.

Great tell that to the people that will be on the streets because they cannot pay rent, or have no electricity and gas because they cannot pay their bills,

I like how rich or well off people are always ready to do "the right thing" when they are not going to be the ones really suffering.

Same for the "we need to send in NATO" "we need to make a no fly zone" ask those people to go join the fighting first and suddenly they all have excuses!

Must be nice being brave when others are paying the price!

2 ( +6 / -4 )

So, the West can abitrarily change Laws, seize assets of Oligarch, etc. with impunity? Can impose extensive sanctions with impunity? And now they talk the sanctity of Contracts?

Sure...it is in their favor, the sanctity of a contract or a Law exist. If not, they can do what they want and Russia has no right to retaliate.

Shut off the gas and see how many more sanctions will apply.

2 ( +6 / -4 )

Sometimes, principle comes first. Always do the right thing, and the economy will take care of itself.

Great tell that to the people that will be on the streets because they cannot pay rent, or have no electricity and gas because they cannot pay their bills,

I like how rich or well off people are always ready to do "the right thing" when they are not going to be the ones really suffering.

Same for the "we need to send in NATO" "we need to make a no fly zone" ask those people to go join the fighting first and suddenly they all have excuses!

Must be nice being brave when others are paying the price!

The UK government yesterday, took steps to alleviate the cost of living fallout on poorer people. Check the BBC if you require details.

-5 ( +1 / -6 )

The UK government yesterday, took steps to alleviate the cost of living fallout on poorer people. Check the BBC if you require details

Wow you really don't get it, do you?

Is the UK the only country in the world?

So you think this sh.. fest isn't affecting the rest of the world?

In answer to your first question, I am fully aware of the realities of the situation

In answer to your second question, there are 195 countries in the world.

In answer to your third question, I think most people regard this as a global issue. By the way, what does sh.. fest mean?

-1 ( +3 / -4 )

At no point did Westminster announce that Sterling had collapsed.

Of course not. Their chums made a killing short selling the Pound.

Ordinary citizens on their summer breaks to the Med... not so much.

1 ( +3 / -2 )

..wondering what consequences will be in case of Japan

I think the Japanese government has worked out payments to oil wholesalers to keep the cost of gas down. Everyone seems complacent about the plunge in the value of the Yen. Almost ¥122/$1 today. Food prices are soaring.

I don't have too much sympathy for soaring food prices in Japan. 771% tariffs on imported rice is keeping the price way to high in the first place.

-2 ( +2 / -4 )

@Antiquesaving

Oh sorry, my mistake. It's 778% import tariff on foreign rice.

-1 ( +2 / -3 )

@Antiquesaving

Oh sorry, my mistake. It's 778% import tariff on foreign rice.

You do realise that it doesn't matter because the Japanese wouldn't eat the imported rice.

If you knew anything about Japan you would know that most imported rice is not Japonica, and therefore not actually acceptable to the Japanese palate.

It is the same false flag trope used by the USA regarding importing American car.

GM and the rest for years complained but for the most part they kept shipping car made for North America with the wrong hand drive.

Same for the rice and that just goes to show how little you and they understand Japan.

-2 ( +2 / -4 )

What a refreshing main photo. No-one shoving anyone else out of the way.

1 ( +1 / -0 )

You do realise that it doesn't matter because the Japanese wouldn't eat the imported rice.

Strange, I have Japanese friends who eat imported rice. Never heard of the word Japonica before.

0 ( +1 / -1 )

@Antiqusaving.

Got it. Japonica is Latin for Japan. (Never studied Latin at school).

1 ( +1 / -0 )

India, China and some other countries will continue to buy in rubles from Russia so no problem for them!

No. They pay with US Dollars. Before the Ukraine war Russia conducted over 80% of its trade using the US Dollar. India and China don't have stacks of Rubles to pay Russia with.

-1 ( +0 / -1 )

If you knew anything about Japan you would know that most imported rice is not Japonica, and therefore not actually acceptable to the Japanese palate.

Or maybe not?

https://www.klove.com/news/good-news/california-rice-a-hit-in-japan-4793

I've eaten rice all over Asia. We eat a lot of rice in our home, almost every day, and use a high end Zojirushi rice cooker to prepare it. Calrose is expensive but it is by far the best rice you can buy. Try it sometime.

0 ( +1 / -1 )

I don't have too much sympathy for soaring food prices in Japan. 771% tariffs on imported rice is keeping the price way to high in the first place.

It has been a bone of contention between the US and Japan for four decades that I am aware of. I can remember occasions where a US trade delegation to a big trade show in Japan brought along an exhibit by California rice growers who's products are easily as good as any rice grown anywhere but the price for which undercut that of Japan grown rice even factoring in shipping. And yes the mills in California can and indeed do meet Japanese standards. The Japanese officials would take the display down and force the California exhibitors to leave sniffing some nonsense about nobody can tell the Japanese how to grow rice. It took almost four decades but finally California rice being sold in Japan.

-1 ( +0 / -1 )

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