*Kremlin aide Oreshkin author of key ideas like gas-for-rubles
*Once seen as westernizers, economists now leading defenses

When sanctions made the Fortress Russia he helped build seem less impregnable, Maxim Oreshkin came up with a signature gambit to try and break the economic siege.

Russia’s war on Ukraine wasn’t yet a month old and its blitzkrieg was already turning into a slog. The economic blowback was harsh, too, as the government struggled to avoid a default and the ruble went into in a nosedive.

On March 23, Vladimir Putin struck back, demanding that Russia’s adversaries in Europe pay their massive bills for its natural gas in rubles.

Oreshkin, the president’s 40-year-old economic aide, was author of the gamble to tear up contracts and upend decades of precedent, according to officials familiar with the matter.

Since the Feb. 24 invasion, he’s emerged as a key member of Putin’s inner circle on economic policy, one of several insiders with western financial experience now helping steer the Kremlin’s response

They are now busy figuring out how to get around the sanctions and are doing it quite successfully,” said Sergei Guriev, an economist who advised the government in the early years of Putin’s rule but later fled to Paris, where he’s now rector of Sciences Po. “But all the money earned goes to fund the war.


Damage Dodged
The defenses have helped the Kremlin avoid the worst of the economic damage feared when the sanctions were first imposed. Forecasters now see a contraction half as deep this year. The ruble has recovered its early losses to become a top performer as tens of billions of dollars and euros flow in for energy and other exports

By leveraging Russia’s sway over gas supplies to Europe, Oreshkin’s ruble demand allowed Putin to appear to be fighting back against the initial sanctions onslaught. It ultimately forced the EU to back down as most of the major consumers signed up to the new terms that included the requirement to open special accounts with Gazprombank JSC, keeping the lender free of sanctions.

“I consider the effect of using the rubles-for-gas scheme to be positive,” Oreshkin told Bloomberg, declining to comment on his role in devising it.

He has whispered rhetorical flourishes that then wind up in presidential speeches. He coined a phrase that Putin would soon repeat over and over, describing the seizure of Russia’s international reserves as in fact “a real default” by the US and European Union on their obligations to Russia.

He’s also helped draw up plans to limit the fallout as Russia’s banks are cut off from the SWIFT financial messaging service and pushed back against calls from other influential insiders for more state control as Russia’s economy grows isolated from the world Oreshkin and his allies once sought closer ties with.

Putin brought him along on a recent trip to Iran, which has decades of experience weathering western sanctions. Asked about the Islamic republic’s ideas for overcoming the limits, Oreshkin bragged, “ours are much better.”

A former banker at Societe Generale SA’s Russian unit, he’s now using his western experience to blunt the impact of sanctions. Oreshkin is part of a cadre of officials who’ve long tried to walk a fine line between crafting investor-friendly economic policy and Putin’s growing repression.

The war has made that balancing act all but impossible, with Oreshkin and his colleagues hit with sanctions as their economic policies serve the Kremlin’s war machine.


Read more: https://www.bloomberg.com/news/articles/2022-07-30/meet-the-russian-architect-of-putin-s-economic-counterattack?srnd=premium-africa

Confuse putin

We need him in Nigeria We need him in Nigeria

This news does not hold water at all..Only the gullibles would believe this shit by putin who is trying to hide his head around to avoid being laughed.

Russia is just awesome. with a great leader. Now USA land lease has failed to yield any results, 40billion loan has finished, maybe they will give Ukraine another 100billion. Hahaha, what about the EU. Winter is coming

Dvdpity:
Russia is just awesome. with a great leader. Now USA land lease has failed to yield any results, 40billion loan has finished, maybe they will give Ukraine another 100billion. Hahaha, what about the EU. Winter is coming

they are planning another one for Taiwan…. Reality no send anyone, propaganda go always cast , that news na from Bloomberg….

The funny part is that USA and evil nato knows Ukraine will bleed yet they had no love for ukraine as long as they keep making money from Ukraine.

Those who think that the money given to Ukraine is free money should Google the last amount of money UK gave USA for help in second world War.

UK just finished paying the money few years ago.

Bentizil:
We need him in Nigeria We need him in Nigeria

Exactly, the West does not joke with their brains.
Here we kill and persecute them

Kingsnairaland:
The funny part is that USA and evil nato knows Ukraine will bleed yet they had no love for ukraine as long as they keep making money from Ukraine.

Those who think that the money given to Ukraine is free money should Google the last amount of money UK gave USA for help in second world War.

UK just finished paying the money few years ago.

lool