Alexander Osipovish, Caitlin Ostroff – Wall Street Journal March 8, 2022
Russian President Vladimir Putin is banning exports of certain commodities and raw materials, according to a decree issued Tuesday evening in Moscow.
The actual commodities that will be banned from export will be determined by the Russian cabinet, the decree said. Mr. Putin gave them two days to come up with a list of commodities and of countries subject to the ban.
The decree came hours after President Biden said that the U.S. would ban imports of Russian oil over the country’s invasion of Ukraine and the European Union said it would aim to cut imports of Russian natural gas by two-thirds this year. The U.K. government also said Tuesday it was phasing out Russian oil imports by the end of 2022 and is exploring options to end Russian gas imports altogether.
Russia is the third-largest oil producer in the world and the biggest exporter of natural gas. The exports fuel Russia’s economy and the West was believed to be too dependent on them to quit easily. The invasion of Ukraine changed that dynamic.
Oil prices rose following Mr. Putin’s decree. Brent-crude prices, the international benchmark, extended earlier gains to trade 5.9% higher at $130.50 a barrel, before slipping back. They remained below the high of about $139 a barrel recorded on Monday.
Russia is also a major supplier of grains and metals such as aluminum, nickel and palladium, which it accounts for 40% of the world’s production. A sweeping ban on exports could upend global commodity markets. Nickel hit an all-time high today.
The decree was a follow-up to earlier measures taken by the Kremlin in retaliation for Western sanctions. It described the goal of the commodity-export ban as “ensuring the security of the Russian Federation and the uninterrupted functioning of industry.” The ban will be in effect until Dec. 31, according to the decree.
Time to emigrate to russia? They won’t be cold, hungry and penniless. But I’m sure ‘lord’ scum and ‘sir’ filth will save us, and if that fails, there’s always the ‘royals’.
The west measures every country in the world by its own standards, but it especially assumes the whole world is run by capitalist money-grubbers like themselves, constantly chasing wealth whose economies will collapse without ever-increasing profits. But big countries like Russia or China could close their borders and become insular and ensure their currency functions well for its citizens with little inflation, and limit their trade to a few trusted partners to buy and sell raw materials and finished products.
Economics that might finish off western countries won’t necessarily work on others. Neo-liberalism is not the only economic model and it has many inbuilt problems. Using neo-liberalism to weaken a nation that can move away from neo-liberalism is more likely to undermine the delicate balance of just-in-time neo-liberalism itself, which may become economic gain for the target country. Maybe that’s what Lenin meant when he said capitalists will sell you the rope to hang them with? They’ll hang themselves.
@ SAM
i would prefere the southern globe
if i could but i cant !
WORLDWARS ALWAYS HAPPEN
ON NORTHERN GLOBE ! WHY ?
DONT KNOW ! maybe our white
race always were too ambitious .
northern race by climate was always
moving while southern tribes (india,
china,africa, latinamerica) were always
more relaxed by clima .
but i see the mover mostly creates
unrest (best example the jews, they
create unrest but dont create positive) .
@ MAD MC´S
THEREFORE I SAY :
RUSSIA INMEDIATELY HAS TO
NUKLEARLY FINISH OFF VIRGINIA !
this ideal chance it will never get again :
supersonic US disaster , covid vaxing
their military, civil unrest + spliting races,
cultural perverting american minds .