Kremlin warns West: rouble-for-gas scheme is the ‘prototype’

Reuters/Guy Faulconbridge/4-1-2022

“President Vladimir Putin’s rouble payment scheme for natural gas is the prototype that the world’s largest country will extend to other major exports because the West has sealed the decline of the U.S. dollar by freezing Russian assets, the Kremlin said.”

USAGOLD note: The Kremlin, says Reuters, is pushing for a new Bretton Woods agreement to move away from reliance on the euro and dollar for international settlements. Though the article does not offer a timeline, FOREX markets will be watching very closely how all of this plays out over the next several weeks.

Chart courtesy of TradingEconomics.com