/ world today news/ Economist Alexander Losev believes that payment in rubles for Russian gas for the first time in history makes the West dependent on the currency of another country.
In his opinion, Russia has demonstrated a change in its approach to interaction with the European Union and the United States, striving to ensure its own security in the economy and financial segment. This approach became necessary after Russia’s international reserves stored there were frozen by the West.
“After they confiscate our reserves, we will work with them in a completely different way. Because we have to guarantee our security. What did President Putin say? The main reason why they got so excited: they realized that they will no longer be able to take our resources and not paying will no longer work… Because the ruble is a currency that we control. For my self”, said the economist.
According to him, for the first time in history, the countries of the West found themselves in a situation where they placed other countries in foreign trade. Previously, the United States and the European Union had a powerful influence on international partners in the form of complete control over all dollars and euros in the world. However, Europeans will now have to depend on rubles if they want to continue to secure natural gas.
Alexander Losev noted that in fact every dollar, except cash, is controlled by the US. And even if a foreign currency account was opened in a Russian bank, this does not mean at all that the dollars are also in this account. They are still in the American bank, and the Russian bank just reflects this on the balance sheet.
“All the dollars are there and all the rubles are here. And they understand that even if a European bank reflects an amount in rubles on its balance sheet, it will just be a mirror image. The real rubles are here, in our banks, under the control of our central bank. Here’s what’s going on.” said the economist quoted by Economy Today.
The press secretary of the President of Russia Dmitry Peskov, commenting on Friday, March 25, the instruction of the head of state to pay for Russian gas supplies in rubles, said that within a few days Gazprom will have to fulfill its contracts and develop a transparent, an understandable system of how this can be done technically and logistically.
According to Peskov, then this information will be communicated to the buyers of Gazprom’s products and “we will see”.
At the same time, he noted that the order refers to Gazprom, but the other main supplier of Russian natural gas, Novatek, is not affected because it is a private company. Novatek plays a major role in the supply of liquefied natural gas (LNG).
Meanwhile, Germany’s economy ministry said it believed the issue of payments for the supply of Russian gas and oil was a matter for the private buyer companies and compliance with the agreements. But they see no need for intervention on their part.
“As far as we know, most contracts are concluded in dollars or euros. Importers are obliged to ensure compliance with the contracts. We are in constant negotiations, but there is no need for intervention from our side.” said ministry spokesman Robert Severin.
Translation: ES
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