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Are Russian economic wizards behind the ruble free fall?

December 21, 2014

The world is still hell-bent for hydrocarbon-based energy. Russia is one of the world’s largest producer of energy. Russia has recently announced that in the future she will no longer trade energy in US dollars, but in rubles and currencies of the trading partners. In fact, this rule will apply to all trading. Russia and China are detaching their economies from that of the western financial system. To confirm this decision, in July 2014 Russia’s Gazprom concluded a 400 billion gas deal with China, and in November this year they signed an additional slightly smaller contract – all to be denominated in rubles and renminbi.

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