U.S., Western sanctions on Russia BACKFIRE: Ruble now backed by gold and gaining strength while the dollar’s purchasing power evaporates
By JD Heyes
In the weeks after Russia’s invasion of Ukraine, the Western world, led by the United States, imposed what was said to be a crippling regime of economic sanctions on Moscow.
Joe Biden’s handlers took to his Twitter account to announce: “As a result of our unprecedented sanctions, the ruble was almost immediately reduced to rubble. The Russian economy is on track to be cut in half. It was ranked the 11th biggest economy in the world before this invasion — and soon, it will not even rank among the top 20.”
Though he is frequently touted as an ‘experienced foreign policy expert’ by the biased legacy media, in fact, most fair-minded observes say that Biden hasn’t been right about much of anything regarding foreign policy throughout his lifelong career in politics. Knowing the phraseology helps because it has allowed him to BS his way through, but the reality is, he’s seldom, if ever, been right about anything.
So it’s no surprise that his remark regarding the fate of Vladimir Putin and the Russian ruble is wrong as well.
In fact, just a few weeks after Biden’s account tweeted that nonsense, the ruble has gone up in value — and by a lot.
Following the sanctions, Putin took an aggressive approach to salvage his country’s currency and economy. First and foremost, he began demanding ‘hard currency’ — gold — as payment for Russian energy exports. Countries could also pay in rubles or Bitcoin, though the latter has not been emphasized as much.
Also, Putin noted in a speech to the world that all debts owed to his country would be paid in rubles too — or existing contracts would be canceled.
He talked of “a clear and transparent scheme” launched by the U.S.-led West to crush the Russian economy. As such, he demanded that countries “open ruble accounts in Russian banks” so they could take care of debts.
“If such payments are not made, we will consider this a default,” he said.
“Nobody sells us anything for free, and we are not going to do charity work. That is, existing contracts will be stopped,” he announced.
Meanwhile, China and India, as well as some other countries, are not playing along with the U.S.-led effort, with one official Chinese media account on Twitter making a mocking reference to a request from the Biden regime to assist in isolating Russia over its invasion of Ukraine.
“Can you help me fight your friend so that I can concentrate on fighting you later?” said the account.
“There is no limit to China-Russia cooperation in the pursuit of peace, no limit to our efforts to safeguard security, and no limit to our opposition to hegemony. China-Russia relations feature non-alliance, non-confrontation, and non-targeting of any third party,” China’s foreign ministry spokesman Wang Wenbin told Reuters last week.
India is also continuing to buy Russian oil, at massive discounts.
Over the past 25 years, the DC regime has sanctioned so much of the planet that more nations than ever are now ignoring Washington.
The birth of the multipolar world has occurred, and Americans will suffer thanks to the fools who have squandered all of our country’s post-World War II goodwill long ago.