Economist; Russian economy has shrugged off sanctions.

moon

moon

Satire for Sanity
Russia defies predictions of collapse – media
Oil revenue contributed to “surprisingly resilient” economy, says the British weekly The Economist

The Russian economy has largely shrugged off “unprecedented sanctions” from the West, The Economist noted, crediting the sharp rise in revenues from oil and gas exports. Russian consumer spending is up again, interest rates are going down, and the ruble is stronger than before the conflict in Ukraine escalated.

“Russia’s economy is back on its feet,” the British weekly pointed out on Friday, adding that it was “defying predictions of collapse” as a result of embargoes imposed by the US and its allies.

The ruble is now “as valuable” as before, says The Economist, on account of “capital controls and high interest rates.” As of Friday, the Russian currency was actually stronger than before the conflict – 65.8 to the US dollar, compared to 81 on February 23. Russia is also continuing to pay its foreign-currency bonds, despite US and UK attempts to force it into a default.

https://www.rt.com/business/555097-russia-sanctions-recession-economist/
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Weren't we told that Russia was now an economic basket-case ? ' The Economist ' is a respected publication.
 
European banks reveal cost of Russia exit
Sanctions wiped out billions from major lenders

The need to write down assets as well as setting aside cash to shield against the expected economic ramifications of anti-Russia sanctions has resulted in billions of euro in losses for European banks.

The lenders have so far taken a hit of about $9.6 billion, led by Societe Generale and UniCredit. ING and Intesa Sanpaolo reported that Russian exposure had slashed their combined first-quarter net income by nearly $2 billion.

Several lenders have said their outlooks for the year would be scrapped if the drag of the Russia-Ukraine conflict on the global economy worsens. Intesa has reportedly cut its 2022 profit target, warning that a “very conservative” scenario envisions an even harder blow.

Faced with this extreme uncertainty, the chief risk officers of several European banking majors are holding meetings with regulators and among themselves to assess the reliability of their models and provisioning, people familiar with the matter told Bloomberg.

https://www.rt.com/business/555082-european-banks-billions-russia-ukraine/
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It seems to me that the main beneficiary of Biden's desire to close Nord Stream down is America.

It's a bit hard to congratulate him though, isn't it, with all that smoke and dead people lying about.

Still, it's business. Nothing personal.
 
sanctions on Russia pushed up the price of some grains and metals, fertilizers. Russia and Ukraine are also large exporters of wheat and corn, as well as essential metals, like palladium, aluminum and nickel, that are used in everything from mobile phones to automobiles.
 
The US could be building more fertilizer plants, but that requires the use of natural gas as the main raw material (Haber process). An alternative is to use coal. We know where Joke is on producing more of either because idiots on the Left think these are solely used to make electricity by burning them.

The US could stop producing ethanol and make more corn and wheat for food instead. Corn for ethanol is the biggest use of corn right now and idiot Joke just made it worse by upping its use in gasoline as an additive at a time when it normally would be reduced.

Joke's also blocking a number of new mines in the US that could be producing metals in short supply like copper.

So, a lot of the problem starts with having retards running the US, like Joke.
 
moon said:
Weren't we told that Russia was now an economic basket-case ? ' The Economist ' is a respected publication.
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sanctions have not hurt them as they never really followed through.

now its time for NATO to declare a war or quit f*cking the Ukrainian people.
 
Russia makes use of Nord Stream 2

Gazprom will use the pipeline’s onshore capacity for the domestic gas market
Russia makes use of Nord Stream 2

Russian energy giant Gazprom announced on Thursday that it will use the onshore capacity of Nord Stream 2, designed to pump natural gas to Germany, for Russia’s domestic market.

“As the Nord Stream 2 offshore gas pipeline is currently not in use, and taking into account the gas supply requirements of consumers in northwest Russia, Gazprom has decided to use the excess onshore gas transmission capacity of Nord Stream 2 to develop gas supplies to the regions of northwest Russia,” the company said on its official Telegram channel.

Gazprom noted that only half of the pipeline’s capacity would be available for Europe if the pipeline was allowed to operate in the future.

“If the German side decides to commission Nord Stream 2, only one line of the pipeline with 100% load can be put into operation,” it said, adding that “the commissioning of the second offshore string of Nord Stream 2 may not begin until 2028.”

https://www.rt.com/business/555141-germany-bankruptcy-russia-sanctions-commerzbank/
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An economy that does not have to buy fuel - and still has massive supplies to sell- is in good shape.

European nations will, I hazard to guess, reconnect to Russian supplies, one by one- and Klepto-Joe's scheme to profit America by way of European disunity will collapse.
Maybe NATO with it.
It ain't over 'til the fat lady sings.
 
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