π₯ What does transition to sale of #gas for rubles mean? #ONGT
β’ #Russia will continue to receive foreign exchange earnings: Europeans will buy rubles for euros, since they do not have their own rubles.
1/5
β’ #Russia will continue to receive foreign exchange earnings: Europeans will buy rubles for euros, since they do not have their own rubles.
1/5
https://twitter.com/rdv_analytics/status/1506609319890067458?s=20
β’ State is losing interest in a weak ruble. Weak ruble was beneficial to #Russia, since budget received revenues in foreign currency, but spent rubles.
β’ Foreigners need to hedge risk of ruble appreciation. They will be forced to keep ruble balances or sell EURRUB futures.
2/5
β’ Foreigners need to hedge risk of ruble appreciation. They will be forced to keep ruble balances or sell EURRUB futures.
2/5
β’ Moscow Exchange will develop: both currency trading and bond market. The same #Gazprom will switch to loans in rubles, the Europeans will need to somehow place their rubles. $GAZP
β’ Next, we may move away from the accumulation of "unfriendly" currencies in gold reserves.
3/5
β’ Next, we may move away from the accumulation of "unfriendly" currencies in gold reserves.
3/5
β’ Influence of Russian financial system is also growing. #Russia can impose #sanctions / freeze accounts of foreigners in Russian banks, block payments in rubles through Russian correspondent banks.
4/5
4/5
β’ A world #gas benchmark in rubles (instead of current Dutch one in euros) may appear on our exchange, for example, on St. Petersburg Commodity Exchange. #ONGT
β’ Next commodity for rubles could be #food.
βΌοΈ Risk: Motivation to abandon Russian gas grows even more.
5/5
β’ Next commodity for rubles could be #food.
βΌοΈ Risk: Motivation to abandon Russian gas grows even more.
5/5
β’ β’ β’
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