The poorly-conceived, shoot-from-the-hip sanctions are not hurting Russian President Putin. On the other hand, they are causing gas prices to rise and pushing the West towards a recession. Meanwhile, the Kremlin is experiencing a windfall in oil exports. The ruble wasn’t destroyed as Biden promised. It is closing in on the Euro and the dollar on the Moscow Exchange. Finally, Europe can’t get much-needed oil and gas unless they trade in rubles.
It’s too bad the Biden administration doesn’t have a back pedal.
The volume of cheap Russian crude leaving the Black Sea port of Novorossiysk has more than doubled and it’s likely heading for Asia, gCaptain reports:
A total of 40 tankers loaded about 28 million barrels from Russian export terminals, according to vessel-tracking data and port agent reports collated by Bloomberg. That put average seaborne crude flows at 4 million barrels a day, up by 25% against the week ended April 15. The weather played a big part…
At these rates, the Kremlin earned about $232 million – $46 million more than the previous week.
Russia exports crude from four main areas: the Baltic Sea in northwest Europe, the Black Sea, the Arctic, and terminals on its Pacific Coast. From three of the four areas, flows to Asia or unknown destinations.
RUBLE PAYMENTS ONLY
The Kremlin on Tuesday said that Gazprom was implementing the presidential decree that requires payment for gas supplies in rubles.
“All the contacts with buyers of gas have been made via Gazprom, so it will publish information on the results of the talks,” Kremlin spokesman Dmitry Peskov told reporters.
According to Peskov, payments for gas deliveries that took place under the new scheme are expected in May.
RUBLE JUMPS PAST EURO AND THE DOLLAR
The Russian ruble strengthened against both the euro and the US dollar on Tuesday on the Moscow Exchange.
As of 10:07 GMT, the Russian currency jumped roughly 0.96% compared to the end of the previous day’s trading to 76.42 rubles against the euro. It gained around 0.92% against the greenback to trade at 72.45 per dollar.
We either have the stupidest, most ideological politicians in the world or they want to destroy the West.
The Great Reset, which hangs over us like a Damocles Sword, is always out there pitching ideological hysteria and authoritarianism. It’s playing a part in this drama.
Putin deserves no quarter but promoting war with him is a fool’s errand.
Look at what we are sending for peace:
Biden outlines all the items currently being distributed by the US in the name of peace pic.twitter.com/gaVmpHUE7F
— Michael Tracey (@mtracey) April 22, 2022