The exchange rate for transactions with ‘friendly’ countries is still calculated through the greenback
Moscow is looking for ways to unpeg settlements with foreign partners from the US dollar, RBK reported on Saturday, citing sources in the financial market and the government.
Russia has stepped up efforts to switch international settlements to national currencies after a number of Western nations placed sanctions on the country earlier this year in connection with the conflict in Ukraine. As sanctions jeopardized Russia’s transactions in euros and the dollar, these currencies have been deemed compromised.
However, the exchange rate used in cross-border trade in local currencies is still calculated through the dollar. For example, when determining the ruble-tenge rate, the rate of the Kazakh currency is calculated through the dollar to determine the ruble price of a tenge and vice versa.
RBK’s sources say that Russia’s Central Bank and Finance Ministry are now working together with banks on a mechanism that would allow Russia to set prices for foreign contracts using new indicators that don’t take into account the dollar exchange rate.
One way is to create a basket of currencies that would presumably be pegged to one another. Another option is to introduce a new payment unit for foreign trade contracts, the value of which would be pegged to commodities such as gold and other precious metals. In that case, the exchange rate world depend on the average prices of these commodities in global markets.
A third option on the table is simply to peg the national currencies to gold or oil. However, this may also be problematic because both oil and gold are priced in dollars.
One source told RBK that the exchange rate in foreign trade contracts could be calculated using the Chinese yuan instead of the dollar, as China has not sided with the West in the sanctions war against Russia. However, the yuan is not a freely convertible currency and Beijing’s consent would be required for the mechanism to be implemented.
https://www.rt.com/business/566816-russia-decouple-national-currencies-dollar/
The prices of some life-saving medicines have soared to levels that are unaffordable for ordinary people in Venezuela as the United States has ramped up military presence in the Caribbean off Venezuela's coast, alongside escalating sanctions, blockades and military threats against the oil-rich South American nation since late August.
https://www.presstv.ir/default/Embeded/761400
At a northeastern suburb in the capital city Caracas, locals can still purchase most of the commonly used medicines at a major supermarket, where some antibiotics have been sold out, and some first-aid medicines and supplies have become too costly for ordinary residents.
"I'm here mainly to buy antibiotics. I have problems with my lungs. But I can't get all I want, such as vancomycin," said a resident named Alfonso.
"Recent tensions have affected the supplies and prices of drugs. The prices of cancer drugs, insulin drugs and albumin are very high, and most patients here cannot afford them," said Giovanna Gonzalez a ...
Russian President Vladimir Putin says Moscow is prepared to use military force to achieve the goals of its special military operation if Ukraine continues to delay peace talks.
During an inspection of a Russian armed forces command post on Saturday, Putin stressed that Moscow will not allow Kiev’s obstruction to prevent progress.
“If the Kiev authorities do not want to resolve the matter peacefully, we will accomplish all the tasks before us in the course of the special military operation by military means,” he said.
The Russian leader noted that the Ukrainian authorities are not moving toward a peaceful resolution, adding, “We see that even today, unfortunately, the leaders of the Kiev regime are in no hurry to resolve this conflict peacefully. I spoke about this a year ago in a speech at the Ministry of Foreign Affairs.”
Putin also received reports from Chief of General Staff Valery Gerasimov and commanders of Russia’s “Centre” and “East” military groups.
Meanwhile, ...
