Take a breath everyone – yes the ruble is in chaos, but Russia isn’t. The ruble has gone sideways because of the oil price – not due to western sanctions. Russia has a very robust balance sheet. The country has basically zero debt to western financial institutions. This makes Russia very strong and resilient. Thus, Washington’s leverage over Moscow amounts to zero. The downside is inflation is rising in Russia. But keep in mind the country’s economic and financial fundamentals are sound. There is nothing to cheer about if you earn rubles and live in Russia. But at the same time there is no reason for the doom and gloom western media gloat about.
Posted on: Tue, 16 Dec 2014 21:16:06 +0000
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