Putin is a loser

[Blackswanwood]

Wow - big desperate move.

https://www.msn.com/en-us/money/mar...fierce-inflation/ar-AA1uVCSk?ocid=socialshare

Default on foreign debt looming.

I suspect that China will see this as an opportunity to increase their influence by bailing them out.

 

[Jake]

I suspect that China will see this as an opportunity to increase their influence by bailing them out.

Maybe. Maybe Xi doesn't care all that much. Reportedly some alarm there about Russia and Norks getting cosy, and a huge part of Russia was previously China (long memories and all that). Interesting to see how they react.

 

[Terry - Somerset]

Who said anything about ,"worthy action"?

I'm saying that Putin is walking a tightrope cosying up to Iran given, as I'm sure you know, that (Shia) Iran and (Sunni) Saudi Arabia are sworn enemies, and the Saudis could pull the plug on oil prices any time they like.

The principle concern of Saudi Arabia is Saudi Arabia.

Why would they choose to reduce the price of oil by flooding the market. They have spent decades engineering alliances and structures to optimise the price of oil. They are not threatened in any way by the war in Ukraine - reducing the price of oil could even up the threat from Iran.

Russia still have huge amounts of foreign currency reserves - most informed commentators see little prospect to an end to hostilities in Ukraine because Russia can't afford it. Saudi could depress the price of oil on world markets - but I wouldn't bet on it!!

 

[Jake]

Russia still have huge amounts of foreign currency reserves

Not really, half of it is frozen (by sanctions-related measures) and they have dropped a ton of the rest trying to support their currency. They wouldn't be panicking into imposing capital controls if they felt their foreign currency reserves were healthy, they'd just carry on propping up the currency like they have for the last few years.

 

[selectortone]

The principle concern of Saudi Arabia is Saudi Arabia

Followed by an abiding hatred of the Shia renegade Iran. It's a centuries-old sectarian rivalry over the true interpretation of Islam.