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Ukraine War - Economic Consequences thread - February 24+

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  • #76
    https://tfiglobalnews.com/2022/07/21...nt-even-exist/
    Zelensky sells gold worth billions of dollars that didn’t even exist
    by Vikrant Thardak
    July 21, 2022

    Reuters reported on Sunday that Ukraine has sold gold worth $12.4 billion since the start of the war in February. The deputy head of Ukraine’s central bank announced that selling gold was necessary to keep the country up and running. He said, “We are selling (this gold) so that our importers are able to buy necessary goods for the country.”
    The data doesn’t add up!

    So far so good! However, the devil lies in the details! The question is, how come Ukraine sold this much gold? As per Schiffgold.com website, the National Bank of Ukraine (UNB) held about 27 tons of gold in its reserves valued at about $1.6 billion when the war started. This data can be verified at Gold.org website....
    _____________________________________________

    Ask Congress to Investigate COVID Origins and Government Response to Pandemic H.R. 834

    i love myself. the quietest. simplest. most powerful. revolution ever. ---- nayyirah waheed
    Governments don't have or own souls.

    (My posts are not intended as advice or professional assessments of any kind.)
    Never forget Excalibur.

    Comment


    • #77
      Originally posted by Emily View Post
      https://tfiglobalnews.com/2022/07/21...nt-even-exist/
      Zelensky sells gold worth billions of dollars that didn’t even exist
      by Vikrant Thardak
      July 21, 2022

      Reuters reported on Sunday that Ukraine has sold gold worth $12.4 billion since the start of the war in February. The deputy head of Ukraine’s central bank announced that selling gold was necessary to keep the country up and running. He said, “We are selling (this gold) so that our importers are able to buy necessary goods for the country.”
      The data doesn’t add up!

      So far so good! However, the devil lies in the details! The question is, how come Ukraine sold this much gold? As per Schiffgold.com website, the National Bank of Ukraine (UNB) held about 27 tons of gold in its reserves valued at about $1.6 billion when the war started. This data can be verified at Gold.org website....
      Nothing reported about Ukraine is free from spin. The country was just ahead of Russia on the corruption tables, so facts were already hard to come by.
      They are now in a war, so every bit of news is militarily significant and presented in the most useful light.,

      Comment


    • #78
      US to send Ukraine another $775 million in weapons and military equipment

      By Kathleen Bieberly
      August 19, 2022 1:18pm Updated

      WASHINGTON – The US will send Ukraine another $775 million in weapons and military equipment including rockets, drones and missile systems, a senior US defense official said Friday.

      “We have another major security assistance package that we are about to unveil and this continues our tradition of providing the Ukrainians what they need when they need it,” the official said.
      ...
      The announcement comes less than two weeks after President Joe Biden approved a $1 billion Ukraine military aid package – the largest yet.
      ...
      The upcoming aid package will bring the total cost of military aid sent to the country to about $10.5 billion since Russia invaded Ukraine on Feb. 24.

      https://nypost.com/2022/08/19/us-to-...rs-six-months/
      "Safety and security don't just happen, they are the result of collective consensus and public investment. We owe our children, the most vulnerable citizens in our society, a life free of violence and fear."
      -Nelson Mandela

      Comment


      • #79
        Pro-West news source


        Ukraine war: Putin says West's sanctions fever wrecks European lives


        By Paul Kirby




        snip

        In an address that appeared to target Western observers as much as a domestic audience, President Putin said confidence in the dollar, euro and pound was being lost before people's eyes. Russia, meanwhile, was emerging from the war with its sovereignty strengthened: "I am sure that we have not lost anything and we will not lose anything."

        Ukrainian Foreign Minister Dmytro Kuleba said Russia was seeking to blackmail Europe with its energy resources: "Putin wants to ruin the stability and well-being of every household in Europe."

        Top Chinese legislator Li Zhanshu was attending the forum and the Russian president said that "no matter how much someone would like to isolate Russia, it is impossible to do this". Russian news agencies said President Putin would meet Chinese counterpart Xi Jinping in Uzbekistan next week.

        more....

        https://www.bbc.com/news/world-europe-62817560

        Comment


        • #80
          Putin is only stating the obvious, Russia had $300B in dollar reserves that were frozen when Russia invaded Ukraine.
          Obviously reserves that can disappear if someone else says so are not good reserves.
          Trouble is that Chinese Renminbi have the same weakness, so no fiat currency has any true reserve value.
          Gold used to be a good option, but there is far too little of it now.

          Comment


          • Emily
            Emily commented
            Editing a comment
            https://www.forbes.com/sites/zengern...-your-company/
            Russia’s Move To Gold May Jolt Your Company
            Zenger NewsContributor
            The first digitally native newswire, restoring trust in the news.
            May 2, 2022,01:51pm EDT

            By Erik Sherman

            Suffering from U.S. and EU sanctions, Russia made a surprise move—its central bank fixed the price of 5,000 rubles to a gram of gold. Few Western investors or executives noticed.

            Then, Russia sprang its trap. Its finance ministry announced that it would require payment for oil, natural gas and other of its significant exports in rubles.

            “What the Russians did was a genius, I hate to say it,” explains Jack Bouroudjian, former president of Commerce Bank in Chicago and now chairman of the Global Smart Commodity Group...

        • #81
          https://www.msn.com/en-us/news/world...an/ar-AA11wD9N
          Russia's Gazprom signs gas deal with China to convert payments to ruble, yuan
          Fox Business
          Caitlin McFall - Tuesday


          Russia’s Gazprom on Tuesday said it had reached an agreement with China to start fulfilling its gas supply contracts with payments made in rubles or yuan instead of euros or dollars.

          The announcement on Telegram comes just six months after a 30-year deal was signed between Gazprom and the China National Petroleum Corporation in early February, which said Russian gas supplies would be paid in euros as Russia looked to separate itself from the U.S. just weeks before it invaded Ukraine.

          Gazprom CEO Alexei Miller said the payment arrangement would prove "mutually beneficial" for both state owned energy agencies as Russia and China look to bolster their economies amid flagging relations with the West...
          _____________________________________________

          Ask Congress to Investigate COVID Origins and Government Response to Pandemic H.R. 834

          i love myself. the quietest. simplest. most powerful. revolution ever. ---- nayyirah waheed
          Governments don't have or own souls.

          (My posts are not intended as advice or professional assessments of any kind.)
          Never forget Excalibur.

          Comment


          • #82
            https://todayuknews.com/business/liz...to-six-months/
            Liz Truss unveils £150bn UK energy plan but limits business support to six months

            todayuknews 2 days ago
            Liz Truss, UK prime minister, has announced an estimated £150bn package to shield Britain from soaring energy prices — but with just six months’ cover for business compared with two years for households.

            The dramatic state intervention was accompanied by promises to increase domestic oil and gas production — including fracking for shale gas — and reforms to the energy market.

            An “energy price guarantee” will limit average annual household bills to £2,500 over the next two years.

            The maximum amount for typical household energy use had previously been due to rise to more than £3,500 in October with some projections showing that bills would have topped £6,000 next year...
            _____________________________________________

            Ask Congress to Investigate COVID Origins and Government Response to Pandemic H.R. 834

            i love myself. the quietest. simplest. most powerful. revolution ever. ---- nayyirah waheed
            Governments don't have or own souls.

            (My posts are not intended as advice or professional assessments of any kind.)
            Never forget Excalibur.

            Comment


            • #83
              https://www.msn.com/en-us/news/world...ne/ar-AA12x1VX
              LA Times
              'I've given up on all my dreams': Dread in Germany deepens over war in Ukraine

              Erik Kirschbaum - Monday

              Kati Pannwitz spends her evenings at home alone in a darkened and unheated apartment, watching old movies while worrying about the new reality of life in a country that is being drawn ever closer to the war in Ukraine.

              Surging inflation and fears about an energy crisis are hitting home for Pannwitz, 34, taking a heavy toll on her finances and the futures of both her and her 17-year-old son...
              _____________________________________________

              Ask Congress to Investigate COVID Origins and Government Response to Pandemic H.R. 834

              i love myself. the quietest. simplest. most powerful. revolution ever. ---- nayyirah waheed
              Governments don't have or own souls.

              (My posts are not intended as advice or professional assessments of any kind.)
              Never forget Excalibur.

              Comment


              • #84


                -------------------------------

                DOE Announces Notice of Sale of Additional Crude Oil From the Strategic Petroleum Reserve

                SEPTEMBER 19, 2022

                Notice is Part of Biden-Harris Administration’s Continued Action to Protect American Consumers and Address the Global Supply Disruption Caused by Putin’s Energy Price Hike

                WASHINGTON, D.C.— The U.S. Department of Energy’s (DOE) Office of Petroleum Reserves today announced a Notice of Sale of up to 10 million barrels of crude oil to be delivered from the Strategic Petroleum Reserve (SPR) in November 2022.

                ...
                https://www.energy.gov/articles/doe-...roleum-reserve
                "Safety and security don't just happen, they are the result of collective consensus and public investment. We owe our children, the most vulnerable citizens in our society, a life free of violence and fear."
                -Nelson Mandela

                Comment


                • #85
                  Russia and Saudi Arabia agree to massive cuts to oil output. Here's why it matters

                  Updated October 5, 202211:57 AM ET
                  JACKIE NORTHAM

                  The OPEC+ alliance announced a 2 million barrels a day cut in oil production Wednesday — an amount that could drive oil and gas prices back up after weeks on a downward trend.

                  The meeting of the 24 OPEC+ oil-producing countries, including Russia, comes at a time when much of the world is already battling soaring energy costs. A supply cut will also exacerbate tensions between Saudi Arabia and the U.S., where President Biden has been trying to rein in prices at the gas pump ahead of the midterm elections.

                  The White House called the decision "shortsighted" and said in a statement the administration would "deliver another 10 million barrels from the Strategic Petroleum Reserve to the market next month, continuing the historic releases the President ordered in March."

                  OPEC+, formed in 2016, includes the 13 Organization of Petroleum Exporting Countries members and 11 other non-OPEC members. In a statement, the group justified today's decision due to "uncertainty that surrounds the global economic and oil market outlook."

                  It's unclear how much of a price increase the supply cut would cause. The world consumes up to 100 million barrels of oil a day, so taking 2 million off the market would have a noticeable effect.

                  The move is seen as a bid by Saudi Arabia to prop up prices, which had reached up to $120 a barrel during the spring but began to tail off over concerns about a slowing global economy. They fell to less than $90 a barrel in September.

                  ... "OPEC is trying to shock and awe with a big production cut number that is going to get people's attention," he says. "And they're trying to support prices to keep them from falling further."

                  ... A dramatic cut in oil production could also help Russia, which is co-chair of OPEC+. Its economy is based on energy revenues, now critical to its war effort in Ukraine. Despite sanctions, Russia hasn't experienced a huge decline in production.

                  https://www.npr.org/2022/10/05/11267...production-cut

                  Comment


                  • #86
                    https://www.reuters.com/markets/euro...es-2022-10-05/
                    October 5, 202211:56 AM CDTLast Updated 2 days ago
                    Gas crisis set to worsen after Europe burns through winter stocks

                    By Essi Lehto
                    and Kate Abnett

                    HELSINKI/BRUSSELS, Oct 5 (Reuters) - Europe may face an even more acute energy crunch next year after draining its natural gas tanks to get through the cold of this winter, the head of the International Energy Agency said on Wednesday, as the EU looks for ways to ease the crisis.

                    European countries have filled storage tanks to around 90% of their capacity after Russia cut gas supplies in response to Western sanctions imposed over its invasion of Ukraine.

                    Gas prices , which surged in the months after the invasion in February, have retreated. But that could be short-lived as countries compete to buy liquefied natural gas (LNG) and other alternatives to Russian pipeline deliveries...
                    _____________________________________________

                    Ask Congress to Investigate COVID Origins and Government Response to Pandemic H.R. 834

                    i love myself. the quietest. simplest. most powerful. revolution ever. ---- nayyirah waheed
                    Governments don't have or own souls.

                    (My posts are not intended as advice or professional assessments of any kind.)
                    Never forget Excalibur.

                    Comment


                    • #87
                      https://www.wsws.org/en/articles/202.../jwlu-o08.html
                      Half of Ukrainian 2023 budget dedicated to NATO proxy war against Russia

                      Jason Melanovski

                      7 October 2022

                      Initial details on Ukraine’s 2023 draft $70 billion budget have revealed that half of the country’s spending for the upcoming year will be devoted to the NATO-backed proxy war with Russia. By contrast, social spending on medicine, housing and pensions will be cut massively as the country continues to run a monthly budget deficit of approximately $3 billion to $5 billion.

                      According to the popular Ukrainian news outlet Strana, the government expects GDP to grow by 4.6 percent after contracting by a third this year due to the war. Meanwhile, the Ukrainian working class will be faced with an astounding 30 percent inflation rate and 28.2 percent unemployment...
                      _____________________________________________

                      Ask Congress to Investigate COVID Origins and Government Response to Pandemic H.R. 834

                      i love myself. the quietest. simplest. most powerful. revolution ever. ---- nayyirah waheed
                      Governments don't have or own souls.

                      (My posts are not intended as advice or professional assessments of any kind.)
                      Never forget Excalibur.

                      Comment


                      • #88
                        Related to post #85: "Russia and Saudi Arabia agree to massive cuts to oil output. Here's why it matters"

                        Saudi Arabia -

                        A statement from the Ministry of Foreign Affairs regarding the statements issued about the Kingdom following the OPEC+ decision


                        October 12, 2022

                        An official at the Foreign Ministry in the Kingdom of Saudi Arabia stated that the government of the Kingdom of Saudi Arabia has viewed the statements issued about the Kingdom following the OPEC+ decision announced on October 5, 2022, which have described the decision as the Kingdom taking sides in international conflicts and that it was politically motived against the United States of America.

                        The Government of the Kingdom of Saudi Arabia would first like to express its total rejection of these statements that are not based on facts, and which are based on portraying the OPEC+ decision out of its purely economic context. This decision was taken unanimously by all member states of the OPEC+ group.

                        The Kingdom affirms that the outcomes of the OPEC+ meetings are adopted through consensus among member states, and that they are not based on the unilateral decision by a single country. These outcomes are based purely on economic considerations that take into account maintaining balance of supply and demand in the oil markets, as well as aim to limit volatility that does not serve the interests of consumers and producers, as has been always the case within OPEC +.

                        The OPEC+ group makes its decisions independently in accordance with established independent practices followed by the international organizations.

                        The Government of the Kingdom of Saudi Arabia would also like to clarify that based on its belief in the importance of dialogue and exchange of views with its allies and partners outside the OPEC + group regarding the situation in the oil markets, the Government of the Kingdom clarified through its continuous consultation with the US Administration that all economic analyses indicate that postponing the OPEC+ decision for a month, according to what has been suggested, would have had negative economic consequences.

                        The Government of the Kingdom of Saudi Arabia affirms that any attempts to distort the facts about the Kingdom’s position regarding the crisis in Ukraine are unfortunate, and will not change the Kingdom’s principled position, including its vote to support UN resolutions regarding the Russian-Ukrainian crisis, based on the Kingdom’s position on the importance for all countries to adhere to the United Nations Charter, principles of international law, and the Kingdom's rejection of any infringement on the sovereignty of countries over their territories.

                        The Kingdom stresses that while it strives to preserve the strength of its relations with all friendly countries, it affirms its rejection of any dictates, actions, or efforts to distort its noble objectives to protect the global economy from oil market volatility.

                        Resolving economic challenges requires the establishment of a non-politicized constructive dialogue, and to wisely and rationally consider what serves the interests of all countries.

                        The Kingdom affirms that it view its relationship with the United States of America as a strategic one that serves the common interests of both countries. The Kingdom also stresses the importance of building on the solid pillars upon which the Saudi-US relationship had stood over the past eight decades. These pillars include mutual respect, enhancing common interests, actively contributing to preserve regional and international peace and security, countering terrorism and extremism, and achieving prosperity for the peoples of the region.


                        https://www.saudiembassy.net/stateme...gdom-following
                        "Safety and security don't just happen, they are the result of collective consensus and public investment. We owe our children, the most vulnerable citizens in our society, a life free of violence and fear."
                        -Nelson Mandela

                        Comment


                        • #90


                          https://twitter.com/AFP/status/15824...076552/photo/1
                          "Safety and security don't just happen, they are the result of collective consensus and public investment. We owe our children, the most vulnerable citizens in our society, a life free of violence and fear."
                          -Nelson Mandela

                          Comment

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