In other news, India is considering Russian offer to sell oil and other commodities at discounted price.
They're already working on Rupee-Ruble trade settlement mechanism for Russian oil commodities.
Russian banks have already switched to the Chinese card paying system UnionPay, so banking sanctions are not effecting them as we thought it would. Beside UnionPay, China already had their alternate paying systems like AliPay, WeChat, and tens of others, that integrates in their "social credit system", that is completely "sanctions proof" and outside of the reach from the West. They built it from the ground up back in 90's, and Russia started building theirs after sanctions were imposed in 2014 over Crimea crisis.
The way we have thrown our economic might on these two countries, and some others, has lead them to basically say, "hey we cant lean on the West, lets build our own system that is sanctions proof". The more we were using sanctions against them, the more we were creating incentives for them to protect themselves by having alternative monetary structure ready to go.
They're already working on Rupee-Ruble trade settlement mechanism for Russian oil commodities.
Russian banks have already switched to the Chinese card paying system UnionPay, so banking sanctions are not effecting them as we thought it would. Beside UnionPay, China already had their alternate paying systems like AliPay, WeChat, and tens of others, that integrates in their "social credit system", that is completely "sanctions proof" and outside of the reach from the West. They built it from the ground up back in 90's, and Russia started building theirs after sanctions were imposed in 2014 over Crimea crisis.
The way we have thrown our economic might on these two countries, and some others, has lead them to basically say, "hey we cant lean on the West, lets build our own system that is sanctions proof". The more we were using sanctions against them, the more we were creating incentives for them to protect themselves by having alternative monetary structure ready to go.