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More De-Dollarization: Turkey Looks To Settle Payments With Russia In Local Currencies
Turkey’s Ministry of Economy is considering a move to settle payments with Russia by using local currencies for major investment deals, Russia’s TASS news agency reports. “We would like payments in rubles and lira to be introduced at least for the larger investment projects in Russia and Turkey,” Turkey’s Deputy Economy Minister Adnan Yyldyrm, said during a joint … Continue reading
In Eurasia, Devaluation Is First Line Of Defence
By Chris Weafer, Macro Advisory Russia is not the only economy suffering from the combination of the oil price collapse and sanctions; most of the countries in the Commonwealth of Independent States (CIS) are also feeling the pain. For some it is because they have also waited far too long to start diversifying away from … Continue reading
Putin Calls For Creation Of Eurasian Currency Union
Russian President Vladimir Putin is proposing the creation of a regional “Eurasian” currency union with Belarus and Kazakhstan, Russia’s main partners in the Eurasian Economic Union. Putin’s proposal was made during a meeting on Friday with the Belarussian and Kazakh presidents which highlighted the growing challenges that face the Russian-led Eurasian Economic Union amid the tumble in the price of … Continue reading
U.S.-EU Power Play Behind Regime Change In Russia – OpEd
By Pepe Escobar, Sputnik News The Empire of Chaos dream of regime change in Russia has always hinged on controlling large swathes of Eurasia. With “friends” like European Council President Donald Tusk and top NATO commander Gen. Philip Breedlove, the EU certainly doesn’t need enemies. Gen. Breedhate has been spewing out his best Dr. Strangelove impersonation, warning that … Continue reading
Iran, Russia Ink Deal To Create Joint Banking Oversight Body
Iran and Russia have signed an agreement to create a joint regulation body that will oversee interbank financial transactions between the two nations, Iran’s Fars News Agency (FNA) reported on Saturday. According to FNA, a memorandum of understanding (MOU) was signed by the deputy governors of the Central Banks of Iran and Russia on the supervision of the Central Banks over … Continue reading
Ruble-Yuan Futures Trading To Begin On Moscow’s Exchange On March 17
Ruble-Yuan futures are set to begin trading on the Moscow Exchange (MOEX) on March 17, RT reports on Thursday, citing Moscow Exchange Deputy Chairman Andrei Shemetov. According to Shemetov, the current number of tools offered on the Moscow Exchange that allow investors to hedge currency risks isn’t sufficient, hence why the exchange will roll out the new hedging instrument as quickly … Continue reading
U.S. Weighing Expulsion Of Russia From SWIFT Interbank Payment System
The U.S. Treasury Department is still evaluating and discussing the impacts of expelling Russia from the SWIFT interbank payment system, U.S. Treasury Assistant Secretary for International Finance Ramin Toloui said at a U.S. Senate Foreign Relations Committee hearing on Tuesday. During the Committee hearing, U.S. Senator Marco Rubio asked the panel that if Russia was to violate the Minsk Protocol, what the … Continue reading
Moody’s Cuts Russia’s Sovereign Rating To Junk, Expects `Deep Recession’ In 2015
Moody’s Investors Service downgraded Russia’s sovereign debt rating to junk status on Friday, assigning a rating of Ba1 — from its previous rating of Baa3 — with a negative outlook. Moody’s said in a statement the reason for the downgrade to junk status was due to impaired prospects for the nation’s economy, further erosion of fiscal strength and … Continue reading
Kazakhstan Slashes Budget, Blaming ‘Global Crisis’
By Naubet Bisenov Kazakh President Nursultan Nazarbayev has ordered his government to adopt new “anti-crisis” measures including cutting budget spending by 10% in order to overcome the current economic difficulties. Nevertheless he claimed that “there is no economic crisis in Kazakhstan” and blamed the “global” economic crisis for the country’s economic troubles. At a government meeting … Continue reading
Moscow And Ankara To Trade In National Currencies – DenizBank
Russia and Turkey are working towards trade payments in national currencies, according to the president and CEO of Turkey’s DenizBank, Hakan Ates. “We are ready to do everything to facilitate the transition to payments in national currencies. Such a transition is possible but our central banks have to make this decision. We’re already working in … Continue reading
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