2 years ago
Following Russian president Vladimir Putin’s statements astatine the extremity of June that indicated members of the BRICS nations person formalized plans to make a caller “international reserve currency,” Russia is reportedly gathering the foundations of a planetary state cartel with Iran. Financial writer and best-selling writer Simon Watkins claims the “alliance aims to power arsenic overmuch of the 2 cardinal elements successful the planetary proviso matrix arsenic possible.” At the aforesaid time, Russia intends to make a precious metals speech called the Moscow World Standard (MWS).
US Dollar and Ruble Remain Robust, Massive Commodity Price Spike ‘Hurt the European Economy the Most’
Last week economists from the Ministry of Economic Development of Russia noted that the country’s gross home merchandise (GDP) diminution would beryllium a batch little than antecedently estimated. Furthermore, Russian president Vladimir Putin erstwhile again criticized the United States and stressed the U.S. needs “conflicts to clasp their hegemony.” Amid the Ukraine-Russia war, the U.S. dollar has been robust and the Russian ruble has been 1 of the best-performing fiat currencies worldwide.
The sanctions against Russia don’t look to beryllium affecting the Eastern Europe-positioned transcontinental country, but alternatively everyplace other successful Europe. For example, Forbes writer Kenneth Rapoza explained successful a report published connected Tuesday that “Europe’s markets and vigor information [has been] disrupted by Russia sanctions.” The sanctions, Rapoza insisted, “set disconnected a monolithic commodity terms spike that’s wounded the European system the most.” Europe is suffering from the worst ostentation successful years and reports item that Russian lipid inactive ends up filling European petrol stations astatine an inflated price.
Journalist Insists Russia and Iran Are Building the Foundations of a Global Gas Cartel
At the extremity of June Putin explained a caller planetary reserve currency based connected a handbasket of currencies was nether reappraisal by members of the BRICS nations. Following Putin’s statements, astir 2 weeks later, Russia’s Gazprom and the National Iranian Oil Company (NIOC) signed a memorandum of knowing (MoU).
On the aforesaid day, Putin visited Tehran to sermon matters with Turkish and Iranian leaders. The fiscal writer from oilprice.com Simon Watkins opines that the woody marks Russia and Iran gathering the foundations of a planetary state cartel. The editorial further notes that the planetary LNG supplier Qatar, the world’s largest liquefied earthy state company, could besides articulation the partnership.
“With a instauration successful the existent Gulf Exporting Countries Forum (GECF), this ‘Gas OPEC’ would let for the coordination of an bonzer proportionality of the world’s state reserves and power implicit state prices successful the coming years,” Watkins said connected August 23. “Occupying the fig 1 and fig 2 positions successful the world’s largest state reserves table, respectively – Russia with conscionable nether 48 trillion cubic meters (tcm) and Iran with astir 34 tcm – the 2 countries are successful an perfect presumption to bash this,” the oilprice.com writer added.
Russia’s Plans to Launch the Moscow World Standard Precious Metals Exchange
Reports that amusement BRICS nations are successful the midst of reviewing a caller planetary currency and the caller concern betwixt Gazprom and NIOC travel Russia’s efforts to determination gold. According to capital.com, Russia has intentions to create its ain precious metals speech akin to the London Bullion Market Association (LBMA).
seeing treatment astir Russia creating a caller Moscow World Standard (MWS) arsenic an alternate to the London Bullion Market (LBMA) so has ramifications… with a fixed terms supra the going complaint successful London, it could beryllium for an absorbing showdown… h/t @capitalistexp
— David Cox, CMT, CFA (@DavidCoxWG) August 16, 2022
Capital.com contributor Indrabati Lahiri says Russia’s metals speech thought is “provisionally called the Moscow World Standard (MWS).” Moreover, Russia’s apical golden shaper Polyus has issued bonds successful Chinese yuan and the steadfast has done truthful doubly successful 30 days. Reuters details that since the Ukraine-Russia warfare started successful February, “demand for the yuan has increased.”
What bash you deliberation astir Gazprom and NIOC signing an MoU and Simon Watkins’ sentiment astir the situation? What bash you deliberation astir the Moscow World Standard precious metals speech idea? Let america cognize what you deliberation astir this taxable successful the comments conception below.
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