How bad and incompetent has the West become?
Try this headline from earlier today (via Reuters):
04/06/2022 | 11:01am EDT
EU DIPLOMATS FAIL TO APPROVE RUSSIAN COAL BAN, NEW PACKAGE OF RUSSIA SANCTIONS, DUE TO TECHNICAL ISSUES – SOURCES
Of course Senile Joe is running around with oatmeal dripping from his chin screaming into a dead speakerphone “but, but, you guys promised!”
Meanwhile in Hungary (via APA):
“Hungary is ready to pay for Russian gas in roubles,” said Hungary’s Prime Minister Viktor Orban, APA reports.
“If Russia asks to pay for gas in roubles, we will pay in roubles,” said Orban.
It’s nice to see that the EU has a few nations looking out for their own citizens instead of the corrupt Banksters and Eurocrats infesting Brussels.
Then earlier this morning, to temporarily circumvent the US actions to block the use of their own dollars, Russia made an interest payment in Rubles:
Russia Says Paid Foreign Dollar Debt in Rubles Amid Default Fears
More from the Moscow Times:
Russia said Wednesday it had made foreign debt payments on dollar-denominated bonds in rubles, in a new blow to efforts to avoid a sovereign default amid Western sanctions over the conflict in Ukraine.
The Finance Ministry said in a statement that it had been forced to repay $649.2 million to foreign debt-holders in rubles after a correspondent bank refused to execute payment instructions.”
“A foreign correspondent bank refused to execute instructions for the payment” of debt on two bonds on April 4, it said.
Let’s see just how many of those creditors refuse to process that payment. My money would be on zero to very few and thus the inept US Treasury department is foiled again.
Speaking of the Ruble, yeah, it’s made a full round trip and then some since the war started:
So much for those “most impressive sanctions ever issued in world history” comments and such.
This is just insanity at every level and with oil prices dipping today due to short term oversupply in the US as demand temporarily wanes, as it does this time every year. Soon enough will see a backlash in May through July as the summer travel season kicks off and prices will start to climb up again just in time for the Memorial Day kick-off to vacation time.
I hope everyone enjoys the $3.75 per gallon regular unleaded instead of $4.11 per gallon for regular unleaded while it lasts. Because the minute the West pushes too hard, the entire Russian supply will be cut off by Moscow crashing all of our markets and creating havoc on a global scale.