this post was submitted on 12 Mar 2024
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@CanadaPlus @Jax
China and India pay close to cost price for Russian oil and and have refused to pay in Rubles, which caused the Ruble to become an effectively non-exchangeable currency. Russia is spending 40% of its income on the war, and as its income is almost entirely derived from petrochemicals, the effect on the Russian economy is catastrophic. They are not exporting refined products due to failing infrastructure and Ukrainian attacks on refineries. The situation is serious.