RedEnergy:
Russia alone supplies about half the consumption gas of the EU. Now the same idiots that thought they could collapse the Russian currency will be the same people that will strengthen it far better than it ever was when they have no choice but to pay with Russian money. Putin is an economic genius.

In the short run it will benefits Russia but look at the long run EU will definitely find alternative and Russia will suffer massively. Russia need dollar to trade thereby accepting Rubles will means countries trading with Russia will give out it dollar to get Rubles increase the availability of dollar and surge value for local currency

I have thought about this too. What will happen if FG sells oil in naira? All foreign currencies must convert their money to naira. by so doing naira will begin to get value.
Economic expert please, is my line of thought possible if there is a political will..?

gambojimeta:

Dollar is going to be around for a very long time. It's likely going to outlast out current generation.

No sir. The fraudulent petrodollar will fall sooner than later, and there's nothing much anyone can do about that.

Wangzhang:
Many comments here has shown how docile and gullible some Nigerian graduates are. If Nigeria should start trading in Naira, Naira will be stronger and all imported goods will be more cheaper. Let's all nations start trading in their local currencies and let's see new wars been wage around the war by US and NATO.

Really, I can't explain why they reason they way the do here.
Sometimes, I try to understand the brain behind some of the comments but they keep shocking.

The most surprising thing is that they will quote back with insults.

I don't need to study economics or one of the related courses to know that the value of the Ruble will increase greatly because it'd be needed in very large amount.

Hezzyluv:
Walaii.... This man no just get sence. Prior to his invasion on Ukraine, a lot of people don't even know the unit of Russian currency.

Swallow your pride and allow peaceful negotiable approach to this your madness Because, as it stands you have put your country into retrogression economically

Did you know the positivity of this news to Russians?

Saladdin:


No sir. The fraudulent petrodollar will fall sooner than later, and there's nothing much anyone can do about that.

Tell that to Nigerian government and other African countries that still rely on aid in US dollars across Africa

SocialJustice:
How? You guys just type the first thing that comes to your mind.

USA will gladly replace Russian gas with their shale gas. Don't even argue with me, Google ships currently heading for Europe with gas from USA to see what's happening. There will only be temporary shortage in Europe before USA meets the demand. This is Russia committing suicide.

Then there's the bigger picture of the world being absolutely tired of fossil fuels and how it causes wars and affects countries that are not even fighting. Everybody is moving away from fossil fuel.

Problem with you is half knowledge. Half knowledge has the potential to destroy the world.

Ok, if US shale could solve all problem why is the US trying to mend ties with iran, venezuela and Saudi? UK PM had to rush to Saudi and UAE. Germany had to rush to Qatar. US that had been stalling about the deployment of it's patriot defense system in saudi for years to protect Saudi skys from Yemeni messiles had to hurriedly get patriot system sent to Saudi to mend ties and get Saudi Arabia to shore up it's oil production.
US oil going to europe can never ever make up for Russian oil. US is only trying alleviate the shock caused by the reduced availability of Russian oil

Gertyman:


Let's explain economics to ourself here. Its not a matter of contest of what currency to accept or not, first it needs to be widely acceptable, and have strong economics to back it up. Its just like saying Naira can be used to trade in Africa, what does Nigeria have to offer other African countries. Do we have a lot of exports apart from Crude Oil? How stable is our Currency? It's not going to happen anytime soon if Rubble or even Yuan will be substituted for Dollar. Even the second-best currency Euro, is still at 21.24%

Crude oil is Russia’s biggest export, accounting for $123 billion of its export revenues, data for 2019 shows. Next on the list are refined petroleum – things like petrol and diesel – at $66.2 billion, gas at $26.3 billion and coal at $17.6 billion.

But Russia is also the world’s largest exporter of wheat, bringing in $8.14 billion from sales in 2019. It is also a big exporter of semi-finished iron – this includes iron bars and other items used to make iron products – with sales worth just under $7 billion in 2019, and a large supplier of nickel ($4.03 billion) and nitrogen-based fertilizers ($3.05 billion).

History555:


Who told you that d aim of this policy is to help rubles. The eu are meeting with biden to draw up plans for ditching russia oil and gas. Russia wants to inflict max pain on them b4 they do that

It matters to Putin to reduce the effect of all these economic sanctions on Russia. That's why he said the West hasve declared economic war against Russia. If Russia's economy continues to decline, there is a risk of mass protest in Russia to oust the current administration. That's the reason for placing sanctions on a country. It's like a tool for indirect regime change demand by the West, but they expect the citizen to fight back when this happens. Why is Iran negotiating a nuclear deal? Why can't they walk away?

WarriAproko:
do u knw how expensive the price will rise. Russia have a direct pipeline down to Germany

Of course , it won't be like business as usual, Germans will feel the impact, but Russia will feel it more. There's alternative to LPG from
Russia.

SocialJustice:
What's good about the move? Who do you think will stress to meet such demands when other countries have gas to sell.

Putin is a stupid man and it is getting clearer for the world to see.

Oga looks like you know not much about world trade. ***shrug

Hezzyluv:
Walaii.... This man no just get sence. Prior to his invasion on Ukraine, a lot of people don't even know the unit of Russian currency.

Swallow your pride and allow peaceful negotiable approach to this your madness Because, as it stands you have put your country into retrogression economically

how's his country in retrogression, Russia has almost 20% of the worlds natural gas reserve and over 50% of European gas production. They have little or no option since Russian gas is the cheapest to transport to other EU nations

Hezzyluv:
Walaii.... This man no just get sence. Prior to his invasion on Ukraine, a lot of people don't even know the unit of Russian currency.

Swallow your pride and allow peaceful negotiable approach to this your madness Because, as it stands you have put your country into retrogression economically

Are NATO not suffering the effect too? They want to use their money(Dollar) to intimidate people. Dollar has made Naira completely useless and hopeless. I want Dollar to fall and Putin will achieve that.

gambojimeta:

Tell that to Nigerian government and other African countries that still rely on aid in US dollars across Africa

Many of our leaders are still dimwitted and slaves to the west to function like normal human beings, else we'd have rallied around Ghadaffi and killed the fraudulent petrodollar.

Russia, China and the East will largely champion the fall of the petrodollar and there's nothing Uncle Sam will do about that.
As usual African countries will be spectators in the whole scenario.

tolue42:


Of course , it won't be like business as usual, Germans will feel the impact, but Russia will feel it more. There's alternative to LPG from
Russia.

Where's the alternative pls

gambojimeta:

Thanks for the confession.

Perhaps you have never heard of electric water heaters which is common in the UK.

In winter, that's when has usage becomes common. It's spring and summer soon.

There will be enough gas via a different country e.g. Qatar,US and many others to displace Russia.

Electric heaters are for those homes who can afford it and places around Scotland and remote areas. Affordable heating system in Europe is gas and it’s preinstalled in all homes. Same gas also contributes in electricity.
So why pay for higher electric bill when gas can do the same?

frowland:


Electric heaters are for those homes who can afford it and places around Scotland and remote areas. Affordable heating system in Europe is gas and it’s preinstalled in all homes. Same gas also contributes in electricity.
So why pay for higher electric bill when gas can do the same?

Which Europe are you talking about sef. I give up

BloomingDale:


Crude oil is Russia’s biggest export, accounting for $123 billion of its export revenues, data for 2019 shows. Next on the list are refined petroleum – things like petrol and diesel – at $66.2 billion, gas at $26.3 billion and coal at $17.6 billion.

But Russia is also the world’s largest exporter of wheat, bringing in $8.14 billion from sales in 2019. It is also a big exporter of semi-finished iron – this includes iron bars and other items used to make iron products – with sales worth just under $7 billion in 2019, and a large supplier of nickel ($4.03 billion) and nitrogen-based fertilizers ($3.05 billion).

Being the largest exporter of anything does not matter. As long it does not sound as a sole exporter. What Russia does exports is also produced by other countries. That's why every country does business with each other. No Country is an Island of itself or self-sufficient. You need others to survive. Do you mention several other things Russia does not produce and they depend on others for? How will they buy medical equipments, Drugs, Technology Equipment, Heavy machines, Airplane etc.? Will they pay me in Rubble? And If I want to buy raw materials for production from Japan, Will I pay Japan Rubble?

1x2x3:


You don't see the puzzle here. Russia needs dollar like you said and Putin just successfully conditioned the west to buy Rubies of which they won't have an option than to buy Rubies...... Guess which currency they will buy the rubies with? You must buy Rubies with Dollar.

Both the west and Russia will suffer. West needs energy, Russia needs money. There is no way the west will get the roubles to pay for Russia oil. It means the west will walk away from Russia oil and oil price in the west will soar. Russia too will be broke, with the likelihood of Russia imploding.

Read this to gain more insight, on it:

https://www.google.com/amp/s/www.wsj.com/amp/articles/vladimir-putin-wants-europe-to-pay-for-gas-in-rubles-11648047487

ArewaTech1:


Oga looks like you know not much about world trade. ***shrug

Make your point or keep quiet abeg, I done tire for stupid mentions. 20 people will mention you, 15 are disguised fools, 4 are open fools, only 1 will make a valid point. Sifting through garbage is tiring. You people make using this place a chore.

GardenOfGod:

Many countries in Europe will be scampering for alternative source of energy... Russian oil and gas will be abandoned in no distant time. Nigeria is just not yet woken up.

Russia oil is the cheapest and safest try to understand before you talk.

Walkee:
Qatar don't have the capacity to replace Russia. They might reduce their dependency by 3% that's all. You can't replace pipes with tankers

So you know more than the Germany government with this quote

"Germany hopes to lock down a long-term LNG import deal with LNG powerhouse Qatar as Berlin looks to eliminate the need for Russian gas."

How does this picture below translate to 3%?

gambojimeta:

Which Europe are you talking about sef. I give up

I am referring to the same UK you stayed for 8 years!
Who cares if you give up??

Saladdin:


Many of our leaders are still dimwitted and slaves to the west to function like normal human beings, else we'd have rallied around Ghadaffi and killed the fraudulent petrodollar.

Russia, China and the East will largely champion the fall of the petrodollar and there's nothing Uncle Sam will do about that.
As usual African countries will be spectators in the whole scenario.

I will start taking dropping dollars seriouy when African, Asian l, Carribean and South american leaders stop begging for aid from The US, UK and other rich Western countries.

He who pays the piper dictates the tune.

frowland:


I am referring to the same UK you stayed for 8 years!
Who cares if you give up??

I don't care. You live in Belarus while claiming UK.

If you hate the West so much, yet you claim to live there, why don't you move to Russia or better still China ? Hypocrisy much?

Good riddance

NOETHNICITY:
Problem with you is half knowledge. Half knowledge has the potential to destroy the world.

Ok, if US shale could solve all problem why is the US trying to mend ties with iran, venezuela and Saudi? UK PM had to rush to Saudi and UAE. Germany had to rush to Qatar. US that had been stalling about the deployment of it's patriot defense system in saudi for years to protect Saudi skys from Yemeni messiles had to hurriedly get patriot system sent to Saudi to mend ties and get Saudi Arabia to shore up it's oil production.
US oil going to europe can never ever make up for Russian oil. US is only trying alleviate the shock caused by the reduced availability of Russian oil

No one has complete knowledge, ever, definitely not me. Let us see what happens next.

Gertyman:


Being the largest exporter of anything does not matter. As long it does not sound as a sole exporter. What Russia does exports is also produced by other countries. That's why every country does business with each other. No Country is an Island of itself or self-sufficient. You need others to survive. Do you mention several other things Russia does not produce and they depend on others for? How will they buy medical equipments, Drugs, Technology Equipment, Heavy machines, etc.?

They can use the their rubles to buy from the west and EU, that is assuming they are not buying from China. In return those countries can use the rubles to buy gas, oil, coal etc from Russia. Just no more dollars and Euros.

rajiedreez:

Where's the alternative pls

QATARRRRRRRRRRRRRRRRRRRRRR!

BloomingDale:


They can use the their rubles to buy from the west and EU, that is assuming they are not buying from China. In return those countries can use the rubles to buy gas, oil, coal etc from Russia. Just no more dollars and Euros.

Awesome, but let's do positive and negative mathematics here. I believe West will buy a certain percentage of Gas from Russia, and also pay Russia that same percentage of Rubble they hold in reserve. But what if Russia wants to buy a certain percentage of other items, which we definitely expect to be more than the total amount of Rubble the West pays them. then it will take years to accumulate the Rubbles required to pay the West to buy Planes, Pharmaceutical Products, software, Agricultural products, machine equipment, etc. That's why it won't work. Once a country's economy depends on one or two exported items, for example, Nigeria, it's a failure already. Countries with lots of innovations and varieties of items to export to the world markets are the ones balling.

MT:


Roubles will appreciate but useless without the dollars. Russians need to procure products and services from the west but the roubles can't be converted to dollars. Russians can't get all they need within their economy.

Any gain from this move will be countered by the anticipated freeze on the Russia gold reserve being used to defend Roubles.

The West are the master of the game

But what products of the West are u talking about? .....what exactly those the U.S produce that Russia can't survive without...The main reason d dollar stands as currency is because everybody uses it for trade....Now if a few countries use d rubbles & Yaun doesn't & others accept it for trade( not talking about US & it's vassals)..That would obviously diminish d value of $,
Again, d main reason why everybody uses $$ is due to trust, How many countries have the US & vassals have frozen thier money due to their so called "sanctions"....The thing is, US should have never tampered with d SWIFT thing..it sends d wrong message...Let d dollar have competition whether Rubble/Yaun & our own African currency( I know dis one is impossible, but u I can dream right )

Kingspin:
Are you also aware EU is abandoning Russian gas just as the US and UK did?
No country has the exclusive right to invade another without provocation again.

Wetin Libya do USA to be invaded?

Do you see the double standards in your comment?

Wetin Iraq do?

Hezzyluv:
Walaii.... This man no just get sence. Prior to his invasion on Ukraine, a lot of people don't even know the unit of Russian currency.

Swallow your pride and allow peaceful negotiable approach to this your madness Because, as it stands you have put your country into retrogression economically

You are not a smart man. .. you wouldn’t understand