173
submitted 8 months ago by [email protected] to c/[email protected]

Key quotes:

Russia has accumulated billions of rupees that are sitting in Indian banks.

Reuters reported that Russia and India have suspended negotiations over using rupees for trade between the two countries.

Russia prefers to be paid in Chinese yuan, which has become the most-used foreign currency in Russia.

Russia and India remain deadlocked in a currency dispute that has also frozen weapons sales between the two countries.

India won't pay Russia in US dollars over concerns that it may face secondary sanctions and won't pay in rubles because of worries about obtaining Russia's currency on global markets at a fair rate,

Recently, (Russia) agreed to use the (Chinese) yuan to for payments on a nuclear-power plant deal with Bangladesh, after previously insisting on using its ruble.

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[-] EdibleFriend 58 points 8 months ago

Would you like that in iTunes gift cards?

[-] [email protected] 14 points 8 months ago

T. A. R. G. E. T. GIFT. CARD!

[-] [email protected] 8 points 8 months ago

I know you want a gift card from target!! I just need to know which one!

[-] [email protected] 42 points 8 months ago

I guess being a global pariah has some drawbacks.

[-] cheese_greater 16 points 8 months ago* (last edited 8 months ago)

In Soviet Russia, (bad) idea execute you

[-] [email protected] 6 points 8 months ago

In Putin's Russia bad idea execute you

FTFY

[-] Jumi 5 points 8 months ago
[-] cheese_greater 2 points 8 months ago
[-] cheese_greater 3 points 8 months ago

Legit question: is Putin's Russia actually worse than Soviet in terms of the disappearing and defenestration and shit?

[-] TheWoozy 8 points 8 months ago* (last edited 8 months ago)

Putin can only dream of achieving the levels of evil Stalin did. However, life of a nonpolitical commoner may have been a little more hopeful in the old days.

When Stalin committed genocide in Ukraine, he took their grain harvest and left them to starve. When Putin commits genocide in Ukraine, he ships their children to "reeducation" camps in Russia. He wants to make them Russian. The scale is entirely different.

[-] cheese_greater 3 points 8 months ago

I just find these assholes amazing in that they would have zero peace or abillity to relax the way they escalate the shit out of creating a dystopia. Stalin was drinking so much and forcing his buddies to basically drown themselves in alcohol on the daily, like, who wins from all this?

Madness!

[-] [email protected] 2 points 8 months ago

Hah, no. Russia is shit now, Soviet Russia was on a different level.

[-] [email protected] 1 points 8 months ago

Putin's Russia is more gentle on its own population, but it is potentially more dangerous internationally. Soviet Union more or less abided by the rules of international order, contributed to the demise of old-world imperialism, and almost never issued nuclear threats. Putin's Russia is an outright bandit state, openly ignoring any international rules and conducting acts of terror - like the Islamic State. If not stopped now, it can start in the future a devastating world war without any remorse.

[-] [email protected] 2 points 8 months ago

@Ulara @cheese_greater Not really sure it is true that it is more gentle on its own population as a blanket statement. That would depend on the era we are talking about. Stalin certainly was worse but Gorbachev wasn't.

@ukraine

[-] cheese_greater 1 points 8 months ago

That guy had some balls, holy shit.

[-] [email protected] 1 points 8 months ago

Yes, the Gorbachev era was a golden time of unheard of freedom and international cooperation. You could observe how people joyfully opened up to new opportunities.

[-] [email protected] 36 points 8 months ago

Hilarious that the country that not so long ago tried to force the west to pay them in Rubles now has to take Rupees as payment and has a "preferred" currency of Yuan. Russia is getting bent over so hard by India and China. It's basically a vassal state to China now.

[-] [email protected] 3 points 8 months ago

It’s basically a vassal state to China now

This is really true. China had just released a new standard map (they do this every other year), and on the map it included Russian territories. Namely the islands of Bolshoy Ussuriysky, located in at the confluence of the Amur and the Ussuri, and right next to the major Russian city of Khabarovsk, has given it great strategic importance.

The island was taken by the Russian in the 1860s, and China have been wanting it back ever since. The two countries had signed a agreement in 2004 which China takes the souther part of the island while Russian take the north. But now the Chinese map shows the whole area as Chinese and the Russians are not making a beep. Currently its just political move, but it ultimately might be a start where China seek to take back its lands while Russia is weakened.

[-] [email protected] 33 points 8 months ago* (last edited 8 months ago)

How indebted are the Russians to the Chinese now.

They're completely at the mercy of the Chinese government which tightly controls the Yuan

They're getting deeper into debt with Chinese banks, borrowing the equivalent of USD$10 billion as of last March, although the article doesn't say what currency the loans are in. Likely USD$.

To put that amount into perspective, Russia's USD$ currency reserves were about $599 billion as of May 2023.

The Chinese economy isn't doing so hot either

And tossing billions into the black hole that is Russia probably won't help those banks stay financially stable.

[-] [email protected] 3 points 8 months ago* (last edited 8 months ago)

I thought the US had like 20 trillion in debt. 10 billion seems pretty small

[-] Dkarma 12 points 8 months ago

It's not the amount of the debt it is the ratio of debt to gdp. Russians gdp is not huge.

[-] Astroturfed 2 points 8 months ago* (last edited 8 months ago)

They're talking about foreign currency reserves. Basically to buy stuff on the global market you need an exchangeable currency that people trade in. This is mostly USD. It's getting increasingly hard for Russia to buy goods internationally because a ton of their foreign currency reserves were seized. Coupled with the fact that no one wants to take their currency now.

The figures the comment you replied to is discussing is the foreign currency reserves. Not debt. A lot of the economic collapses we see these days are because the local currency devalues in USD and they run through their stockpile of USD. Ones this happens they have a real hard to buying anything with their unstable currency no one wants to accept.

[-] simple_simon11235 12 points 8 months ago

I know a guy trying to move a bunch of gold out of Nigeria, maybe he can help them out?

[-] brianorca 6 points 8 months ago

They probably won't accept Rubles either.

[-] cheese_greater 3 points 8 months ago

I think rubles are supposed to be called rubble(s) now, given the state of their economy

[-] [email protected] 12 points 8 months ago

"Sorry, Russia! I don't give credit! Come back when you're a little... mmm... richer!" - Morshu when Russia tried to buy some bombs from him.

this post was submitted on 11 Sep 2023
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