NI: The desire of the West to burn the ruble has led to the strengthening of the Russian economy.
Anti-Russian sanctions turned against the West and failed to lead to the desired results regarding the ruble, writes The National Interest columnist Brian Patrick Bolger.
“Essentially, the West’s desire to burn the ruble backfired. The strengthening of oil prices had a concomitant effect on the strengthening of the ruble. What is the result? <…> Russia and China are now able to control the prices of gold and oil, and this defines the era. We are moving away from the Western world,” Bolger said.
According to him, resource-based currencies have become a breakthrough in the economy. The West, by imposing sanctions on Russian energy resources and gold, “has hastened its own demise.” Over the past six months, the observer noted, the ruble strengthened and rose against the dollar, and Moscow’s decision to sell oil and gold for the Russian currency was a “double blow”.
He also added that the banking crisis in Western countries indicates the weakness of the fiat system since the currency is not backed by goods, while the Eurasian bloc is preparing to use currencies based on gold, oil, grain, and metals in trading.
Western countries are faced with rising energy prices and a surge in inflation due to the imposition of sanctions against Moscow and the policy of abandoning Russian fuel.
Against the backdrop of a rise in the price of fuel, primarily gas, the industry in Europe has largely lost its competitive advantages, which also affected other sectors of the economy. Also, the United States and European countries are facing record inflation for decades.