Following Russian president Vladimir Putin’s statements at the end of June that indicated members of the BRICS nations have formalized plans to create a new “international reserve currency,” Russia is reportedly building the foundations of a global gas cartel with Iran. Financial journalist and best-selling author Simon Watkins claims the “alliance aims to control as much of the two key elements in the global supply matrix as possible.” At the same time, Russia intends to create a precious metals exchange called the Moscow World Standard (MWS).
US Dollar and Ruble Remain Robust, Massive Commodity Price Spike ‘Hurt the European Economy the Most’
Last week economists from the Ministry of Economic Development of Russia noted that the country’s gross domestic product (GDP) decline would be a lot less than previously estimated. Furthermore, Russian president Vladimir Putin once again criticized the United States and stressed the U.S. needs “conflicts to retain their hegemony.” Amid the Ukraine-Russia war, the U.S. dollar has been robust and the Russian ruble has been one of the best-performing fiat currencies worldwide.
The sanctions against Russia don’t seem to be affecting the Eastern Europe-positioned transcontinental country, but rather everywhere else in Europe. For example, Forbes author Kenneth Rapoza explained in a report published on Tuesday that “Europe’s markets and energy security [has been] disrupted by Russia sanctions.” The sanctions, Rapoza insisted, “set off a massive commodity price spike that’s hurt the European economy the most.” Europe is suffering from the worst inflation in years and reports detail that Russian oil still ends up filling European petrol stations at an inflated price.
Journalist Insists Russia and Iran Are Building the Foundations of a Global Gas Cartel
At the end of June Putin explained a new international reserve currency based on a basket of currencies was under review by members of the BRICS nations. Following Putin’s statements, roughly two weeks later, Russia’s Gazprom and the National Iranian Oil Company (NIOC) signed a memorandum of understanding (MoU).
On the same day, Putin visited Tehran to discuss matters with Turkish and Iranian leaders. The financial journalist from oilprice.com Simon Watkins opines that the deal marks Russia and Iran building the foundations of a global gas cartel. The editorial further notes that the global LNG supplier Qatar, the world’s…
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