Billions in Russian oil sale profits are stuck in Indian banks, marking a blow to President Vladimir Putin’s attempts to stop using the U.S. dollar for trade.

Commodities such as oil, gold and wheat are typically traded around the globe in U.S. dollars, the world’s reserve currency.

However Russia’s financial system was essentially isolated by Western sanctions imposed after Putin’s invasion of Ukraine, making his country unable to make transactions in greenbacks, thus limiting trade.

      • MxM111@kbin.social
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        1 year ago

        You think everything goes according to the plan on Russian side? This “special operation” is the largest clisterfuck imaginable for them.

        • Aurenkin@sh.itjust.works
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          You only think that getting your defensive line breached and continuing to lose ground 565 days into your 3 day offensive is bad if you’re in a propaganda bubble.

          • ours@lemmy.film
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            No no, it’s all part of Putin’s 4D-chess masterplan!

            [Snorts copium]

          • Blursty@lemmygrad.ml
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            getting your defensive line breached and continuing to lose ground

            Oh dear. And you’re accusing others of being in a propaganda bubble.

            • BombOmOm@lemmy.world
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              1 year ago

              defensive line breached

              propaganda

              You do have a point. It’s actually the second defensive line breached now.

              (If you click on the link, hit the little castle icon to show the defensive fortifications.)

              • Blursty@lemmygrad.ml
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                1 year ago

                You can read in more detail about that infinitesimal advance here.

                Ukraine’s military said on Monday that its forces had retaken the southern village of Robotyne, a tactical victory that underlines the immense challenge Kyiv’s counteroffensive faces in punching through deep and dense Russian defenses.

                The Ukrainian counteroffensive that began in early June has advanced only a few miles southward to reach Robotyne, in intense fighting with heavy casualties and equipment losses, and a similar distance on another axis to the east. The ultimate target of the thrust to Robotyne is the city of Melitopol, about 45 miles farther south, and more layers of Russian defenses lie in the way.

                This is the topographic map. They’ve walked into the lowest lying aread surrounded on all sides by higher ground.

                This is what they got for months of throwing tens of thousands of lives into the meat grinder for burgerland. Bravo!

                • BombOmOm@lemmy.world
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                  Your map also agrees the first defensive line has been breached. Will you recant your statement that such a claim is propaganda?

        • bobman@unilem.org
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          No. But it seems ya’ll think nothing goes to plan on the Russian side. Which just isn’t true, unless you live in a propaganda bubble.

          Lol.

              • surewhynotlem@lemmy.world
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                That doesn’t even make sense in context. Is English your second language? I’m happy to change how I phrase things.

                • bobman@unilem.org
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                  You’re desperate to move goalposts to fool yourself into thinking you’re right.

                  Theme? What? Lol. I never said ‘generally.’ I never referred to ‘trends.’ I was talking about specifics. Specifically, you incorrectly interpreted my comment as ‘everything goes according to russian’s plans.’ Which is asinine. I never insinuated that. Just like with your ‘theme’ argument, you’re making stuff up that’s easier to argue against because you don’t really have a point.

                  Look, I’m sorry you’ve fallen for the propaganda. I support Ukraine. I believe they are winning the war. However, that doesn’t mean Russians aren’t doing anything right, which is what everyone here seems to believe.

                  If you can’t conceive of how much content is being filtered and censored to garner as much support for the war as possible, I literally can’t help you. You need more life experience.

        • FarraigePlaisteach@kbin.social
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          Abuse, exploitation of the vulnerable and disinformation among its citizens. Actually, I would argue that the disinformation has been successful in Britain and the former colonies.

        • Blursty@lemmygrad.ml
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          They’ve made a mockery of US/NATO’s military capabilities. That’s a win surely?

          • BombOmOm@lemmy.world
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            Russia is fighting the poorest country in Europe and is losing ground. In what way does that make a mockery of US/NATO capabilities?

            ‘We have suffered substantial losses in our war with NATO.’

            ‘How many losses has NATO suffered?’

            ‘NATO hasn’t shown up yet.’

          • kbotc@lemmy.world
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            NATO military capabilities hinge on air superiority. We literally stopped making many of the things Ukraine wants because it doesn’t allow for quick decisive action like the US expected in a war with Russia or a Russian proxy. As an example, tube artillery was used in the US to start avalanches, not something we expected to return to service.

            They wanted ground launched weapons, but our stockpiles are guided bombs that we’d use with impunity after our stealth craft took out the SAM radar and launch sites.

            Go be a low level effort useful idiot for Russia somewhere else.

            • Blursty@lemmygrad.ml
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              But Russia ran out of ammunition last year didn’t they? Is the Ghost of Kiev not enough to guarantee air superiority? After all, he killed Putin on Snake island already and we’re now on like the third body double or something? And Ukraine is gaining ground. Fucking lol. The shit you american scumbags believe…

              • kbotc@lemmy.world
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                1 year ago

                I never argued a single one of those points, but if you insist: Russia is, indeed, having ammo problems. Asking North Korean for Korean War era stocks is absolutely not something a country who felt comfortable with their stocks of ammo would do. Russia, with a significantly larger Air Force cannot gain air superiority. It’s absurd that they could not before the NATO armaments showed up, and again, that they effectively cannot attack the civilian power supply shows NATO weapons outcompete Russian offensive firepower. Russia could not hold an island against a country with no navy!

                And if Ukraine is not advancing, why is official Russian news talking about retreating? https://www.themoscowtimes.com/2023/09/06/russia-announces-tactical-withdrawal-from-ukraines-robotyne-a82369

                • Blursty@lemmygrad.ml
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                  Russia is, indeed, having ammo problems. Asking North Korean for Korean War era stocks is absolutely not something a country who felt comfortable with their stocks of ammo would do.

                  I’m going to go ahead and bet this is another lie you were told. Ok I googled. It literally starts with “White House Says…” jesus man.

                  Russia, with a significantly larger Air Force cannot gain air superiority.

                  Significantly larger than zero, yes. What do you mean? Russia has all the air superiority?

                  It’s absurd that they could not before the NATO armaments showed up, and again, that they effectively cannot attack the civilian power supply shows NATO weapons outcompete Russian offensive firepower. Russia could not hold an island against a country with no navy!

                  It’s very hard to understand what you’re trying to say but I remember being told that they were attacking themselves in the nuclear plant. Remember that hilarious bullshit?

                  And if Ukraine is not advancing

                  Ok they’re advancing alright a couple of kilometers per 10k lives. Nice attrition rate. The Robotyne crap is just propaganda. They’ve got nothing but a kettle that’s soon to be destroyed. How do you believe any of this? They have you supporting Nazis ffs. Get your head out of the news and think for yourself.

          • deft@ttrpg.network
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            1 year ago

            lmfao trash. two random combat videos.

            Russia started this conflict, they are invading pos.

            Now drones are bombing Russian soil, they are being pushed out of Ukraine. Conscripting criminals, trafficking Cubans and their best fighting force (Wagner) is in shambles.

            Russia shit the bed, they are being dominated and two videos that are old showing some random fighting is nothing fuck out of here

            • bobman@unilem.org
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              Okay. Stay in your bubble and ignore any information that contradicts it.

              That’s what makes you a rational person and certainly above propaganda.

          • blackn1ght@feddit.uk
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            If things were going to plan these videos wouldn’t exist, as Russia would have full control of Ukraine by day 3 in February 2022.

            • bobman@unilem.org
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              Lol, what? The mental gymnastics among ya’ll I swear are worthy of an olympic gold medal.

              • blackn1ght@feddit.uk
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                Not really sure what is confusing about what I said. Russia’s plan was to take Ukraine in 3 days. It’s now on, what - day 566? There’s no way they planned on it taking this long.

          • lovesickoyster@lemmy.world
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            I had to find these myself because this propaganda-sphere only shares things favorable of Ukraine.

            when there’s no data to prove otherwise it’s usually because it does not exist.

  • iforgotmyinstance@lemmy.world
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    Modern currencies run on mutual faith in the ongoing GDP of the nation, and the ability to pay at least the interest on debt. Clearly Russia is having trouble with one or both issues.

  • Arsenal4ever@lemmy.world
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    The last time someone tried to sell oil in anything other than the US dollar, his country was invaded under false pretenses.

    • Blursty@lemmygrad.ml
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      Then they destroyed the most prosperous country in Africa and now it has open air human slave markets. Fucking yanks.

      • deft@ttrpg.network
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        what? Ethiopia is doing well afaik?

        Often you guys wanna blame Western intervention for the woes of anywhere it touches and it is always more complex than that. Afghanistan for instance, nightmare with or without Western intervention literally raping both young men and women and also children as well.

        Which country are you referring to? More often than not it is some dickhead warlord fucking everything up claiming they are fighting the West when really they’re just trying to get control

  • AutoTL;DR@lemmings.worldB
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    This is the best summary I could come up with:


    Billions in Russian oil sale profits are stuck in Indian banks, marking a blow to President Vladimir Putin’s attempts to stop using the U.S. dollar for trade.

    Putin has tried to get around this by selling oil to countries such as China and India in their local currencies, the yuan and rupee respectively, raising fears this would undermine the strength of the U.S. dollar abroad.

    “India operates a partially convertible capital account, which entails that the [Indian rupee] can be swapped for foreign currencies and vice-versa for limited reasons,” according to Aditya Bhan, of the Observer Research Foundation, a global think tank.

    “A further worry is that internationalizing the [Indian rupee] could curb the Reserve Bank of India’s (RBI’s) ability to manage domestic money supply and affect interest rates according to prevailing macroeconomic circumstances.”

    "We talked with [Indian Foreign Minister] Subrahmanyam Jaishankar in Jakarta and discussed bilateral issues, including such problems [as the mechanism of payments between Russia and India].

    In the current situation, many billions of rupees have accumulated, which have not yet found their application, and our Indian friends have assured that they will offer promising areas where they can be invested," Lavrov said on September 10, according to TASS.


    The original article contains 949 words, the summary contains 202 words. Saved 79%. I’m a bot and I’m open source!

    • Pretzilla@lemmy.world
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      1 year ago

      And only smiles when he is up to something particularly awful. Same as his impressionable puppet trump.