Love it. Russia is playing hardball with the globalists and winning bigly.
From Karl Denninger at Market Ticker:
The Economic Side Dish
Russia has announced that it will soon require payment for its natural gas (and, presumably, all other exports) in Rubles. This is of course quite reasonable, since the resource depleted is theirs, and thus payment should be in their currency.
I smelled this coming when the sanctions were announced. Russia's GDP is about 25% energy sales (Ed: Note for the peanut gallery -- this is the entire production chain, not just the money received -- remember that to produce it you must drill it, build and maintain the infrastructure, etc. and all of that is GDP); this is not "small ball" by any means, and since they've been sanctioned acquiring the Rubles with which to pay will get quite interesting.
The first lessons in economics all deal with supply and demand, and how that impacts price. What do you think happens when you have to obtain Rubles and there aren't many available? Uh...... yeah, Russia not only evades the sanctions they make a monstrous profit as a direct consequence of the stupidity of Western Nations in implementing them and since you can't replace said Russian energy the only way to stop it is to drop the sanctions!
Now let's talk about the impact right here when it comes to monetary policy, because there is impact -- but its not, as so many people have howled about over the years, "de-dollarization" or any such tripe. It's much simpler and again, is a function of nothing more than basic economics.
Much more at the site - a really thourough look. Russia has Europe over a barrel - literally. Does not hurt that Putin has been funding the enviro activists who got Europe to go off reliable baseload energy in the first place. Insecure energy and massive government subsidies for intermittent "replacements" - of course Russia profits.
Vladimir is chuckling...
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