Thread by @Dr_Blaine

President #Putin’s Full Remarks at the #Oil for #Ruble announcement | The Vineyard of the Saker

#Russia #oil #gas #commodities thesaker.is/president-puti…

“Today I have signed an Executive Order that establishes the rules for #trade in Russian #NaturalGas with so-called unfriendly states. We offer counterparties from such countries a clear and transparent scheme. To purchase Russian natural gas, they must open ruble accounts…”

What we are witnessing here (potentially) is nothing less than the gradual conversion of the Russian ruble from a “soft” to a “hard” currency. Students in my international business class will appreciate the significance of this.

“We supplied European consumers with our resources…and they received it, paid us in euros, which they then froze themselves….there is every reason to believe that we have supplied part of the #gas supplied to Europe virtually free of charge.

This, of course, cannot continue.”

Again, as I have said to my students many times—regardless of whether you agree or disagree—it’s very important to read and/or hear people’s comments in their own words.

Merely hearing about #Putin’s behavior through an exclusively US or western frame is of limited value.

“In a situation where the financial system of Western countries is used as a weapon, when companies from these states refuse to fulfill contracts with Russian banks, enterprises, individuals…it makes no sense to use the currencies of these countries.”

It pretty simple actually.

What we are witnessing is no less than the collapse (either whole or partial) of the #BrettonWoods global financial system, established by 🇺🇸 at the end of WWII.

Systemic. Collapse.

Bruh…you don’t see somethin like that every day. IJS. 💁🏽‍♂️

Thanks for attending my Twitter seminar.

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