The sanctions imposed on Russia to weaken its economy not only did not have the desired effect, but led to the strengthening of the ruble, reports journalist Brian Patrick Bolger of the National Interest.
The rise in oil prices had its impact on the strengthening of the Russian currency, which allowed Russia and China to control the prices of oil and gold. Thus, Bolger argues that the era of the Western world is slowly receding into the background. According to the journalist, resource-based currencies are becoming the key to economic success.
In the article, he notes that the imposition of sanctions on Russian energy and gold accelerated the collapse of the Western economy. Over the past six months, the ruble has strengthened significantly against the dollar, and the sale of oil and gold against the Russian currency has suffered a “double blow”.
Bolger also points out that the banking crisis in Western countries indicates the weakness of the fiduciary system and the lack of support of money for goods. In turn, the Eurasian bloc is preparing to use currencies based on gold, oil, grains and metals in trade.
The imposition of sanctions against Russia and the denial of Russian fuel have led to higher energy prices and soaring inflation in Western countries. The increase in gas prices first led to the loss of competitive advantages for European industry, which had an impact on other sectors of the economy. American and European states have also experienced record inflation for decades.
