Russian federal media always clings to overseas analysts loyal to the pro-Kremlin policy. This time, Huánqiú Shíbào, one of the unpopular periodicals in China, published an article with the panegyric to the Russian ruble. The author predicted the turning point in the global monetary system. The culprit of such crucial changes is a new concept that has been assigned its term: gasoruble.
Interestingly, the author of the forecast is not a professional economist or analyst but a staffer of China’s Academy of Social Sciences. So, the material should in no way be treated as profound research. However, the Kremlin turns a blind eye to such stuff. Earlier, the Western allies slapped severe sanctions on Russia aiming to deal a devastating blow to the national economy. The Russian currency went into a downward spiral in an immediate response. However, the ruble proved its remarkable resilience and asserted strength against the US dollar and the euro shortly after. The ruble appreciated to the strongest levels in half a year. The ruble’s resilience confirms that the US and the EU have set too ambitious and unrealistic goals to wreck the Russian economy. This conclusion sounds like a balm to the Kremlin. The author of such ideas was awarded the title of an honored expert.
The Chinese scholar underscores the retaliatory nature of Moscow’s countermeasures. In March, the Russian President signed a decree meaning that from April 1, 2022, Russia would sell gas to unfriendly countries only for rubles. The intention ended in nothing. The thing is that all contracts for the supply of oil and gas are pegged to a certain currency and the supplier has no legal right to change it unilaterally. Besides, contracts for the supply of hydrocarbons are usually concluded for a very long time, sometimes even for decades. Thus, the concepts of petrodollars and newly-invented gasorubles are not at all equivalent. Nevertheless, the Chinese author insists that it poses a challenge to the whole international monetary system.
