Whaaa? Bloomberg - Russian ruble back up.

[Laura PourMeADrink]

From Bloomberg...
https://finance.yahoo.com/news/mocked-rubble-biden-russia-ruble-193615066.html

International sanctions on Vladimir Putin’s regime sank it to a record low of 121.5 rubles per dollar, triggering memories of the battering it took during the 1998 Russian financial crisis.

Things looked dire enough that U.S. President Joe Biden said the ruble had been reduced to “rubble.”

Now, though, it sure hasn’t. The ruble has surged all the way back to where it was before Putin invaded Ukraine, closing at 79.7 in Moscow on Wednesday.

What’s become clear is that despite an incredibly wide-ranging package of sanctions on the Russian government and its oligarchs, and an exodus of foreign businesses, the actions are largely toothless if foreigners keep guzzling Russian oil and natural gas -- supporting the ruble by stocking Putin’s coffers.

More at link..

[PortTack]

1. Read earlier that India made a lrg gas purchase and paid in rubles

One has to wonder if pooties gold reserve is being poured into the market to artificially prop it up as well.

Regardless the war costs money, money pootie doesn’t have or refuses to invest in his military to keep fighting

[gab13by13]

3. I believe it's because countries may start paying in rubles instead of dollars.

If India is paying in rubles that is a BFD, and I just heard that Hungary is going to pay in rubles.

The US needs to confront these countries that are paying by ruble and do it fast.

[JohnSJ]

4. Doubtful India and China will modify their position, and unless an alternative source of energy

supply is provided to Germany it is hard to see that they will cut off Russian oil