Following Russian president Vladimir Putin’s statements at the end of June that indicated members of the BRICS nations have formalized plans to create a new “international reserve currency,” Russia is reportedly building the foundations of a global gas cartel with Iran. Financial journalist and best-selling author Simon Watkins claims the “alliance aims to control as much of the two key elements in the global supply matrix as possible.” At the same time, Russia intends to create a precious metals exchange 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 domestic product (GDP) decline would be a lot less than previously estimated. Furthermore, Russian president Vladimir Putin once again criticized the United States and stressed the U.S. needs “conflicts to retain their hegemony.” Amid the Ukraine-Russia war, the U.S. dollar has been robust and the Russian ruble has been one of the best-performing fiat currencies worldwide.
The sanctions against Russia don’t seem to be affecting the Eastern Europe-positioned transcontinental country, but rather everywhere else in Europe. For example, Forbes author Kenneth Rapoza explained in a report published on Tuesday that “Europe’s markets and energy security [has been] disrupted by Russia sanctions.” The sanctions, Rapoza insisted, “set off a massive commodity price spike that’s hurt the European economy the most.” Europe is suffering from the worst inflation in years and reports detail that Russian oil still ends up filling European petrol stations at an inflated price.
