by Chris Black
This is huge — I cannot emphasize how big a deal this is.
As a practical matter, European demand for Rubles will mean that the Ruble as a currency will have enormous price support.
Europe will buy Russian gas in Rubles or not at all, so they will end up doing it.
In other words, NATO countries will be forced to pump the Ruble’s value back to what it was before.
Get ready for the PetroRuble and the AgroRuble. This is basically what the petrodollar is.
Putin's decision about only accepting rubles as payment for gas transactions with 'unfriendly' countries. Kremlin 23 March 2022. #Gazprom pic.twitter.com/FlXtRAw3v0
— Hans de Vreij (@hdevreij) March 23, 2022
Ukraine, Belarus, Kazakstnan and Russia amount for something like 40% of world’s wheat production, not to mention other essential commodities like fertilizer, aluminium, neon gas, oil, etc.