[DIY410]

So correct me if I am wrong but if India started buying majority of its oil needs from Russia, we may get it at a discount and will be paying in Rupee-Ruble. This will benefit both the countries, Russia wanted to get rid of US dollar as the world reserve currency and Rupee will strengths against dollar, since most of the Rupee depreciation against dollar is due to Oil and each time the Oil price increases, Rupee suffers more.

[maddy42]

Originally Posted by Samurai

Whenever I see our IFS cadre diplomats explain geopolitics on TV, I feel India is in safe hands when it comes to foreign relations. This is despite ignorant TV hosts trying to gaslight them to agree with western narrative.

https://Youtu.be/zA8U75dgtMg

This reporter is a treat to watch for the ignorance on any subject. Her interview with Bimal patel, the architect of the Parliament upgrade and the kashi corridor is a treat to watch to get more gems.

[mayukh42]

Originally Posted by akhil_007

1. What is the problem with US Dollar being a standard across the globe

Monopoly.

Ideally we don't want to have monopoly of any one currency over others. When we buy some goods from a country, we should use either of consumer or producer's currency, not anything else. However, many countries in the world buy oil from Middle East and pay using US Dollar. This creates demand for it which does not let other currencies grow. So even without being on the producing or consuming side, the USD benefits.

Amusingly, US is very stringent when it comes to anti-competition/ anti-trust laws in context of organisations. So is EU (perhaps more so). The FTC states antitrust as "comprehensive charter of economic liberty aimed at preserving free and unfettered competition as the rule of trade". It is moot why they don't want it to apply to currencies.

Recently a very big M&A of Arm (UK) by Nvidia (US) has hit a roadblock for this very reason. However, when it comes to international currencies, the Uncle looks the other way and pushes dollars everywhere.

Many BHPians have also mentioned above about the $30 Trillion (30 times of 12 zeroes after 1 ) US debt as a result of pushing USD where they shouldn't.

Monopoly does not do good to the market as well as the perpetrator in the long run.

Disclaimer: Not an expert, so will leave it to other esteemed members to add more and/ or correct me.

[thanixravindran]

Originally Posted by Foxbat

Western countries to rest of the World: Boycott Russia !

meanwhile...

Scent of money always trumps the stench of dictatorship, isn't it?

Originally Posted by amit_snk

It's surprising to see lots of Putin and Russian backers in our forum, as a student of political science, I couldn't stop myself sharing my views on this topic. I see a very simple word is not highlighted in this discussion "DEMOCRACY" and "DEMOCRATIC PRINCIPLES and PROCESSES". Western world (UK EU USA) believes this system is the best, and they have a very good reason for it, 85 million dead people in WW2.

What Mr Putin has been brazenly doing in his country as well in the world is totally antithetical to Democratic principals rather we can call it international THUGGERY of the scale never seen post WW2, killing your opponents, jailing and poisoning them. Interfering, rigging, influencing elections at global scale, total submission of media and information access to your population, just watch Russian TV channels, they are 'Putin propaganda trumpets' at a different level.

Just quoting you only for reference as there are several posts regarding the democracy and the love of West for it. Sure I believe in Democracy that is the reason we are having a forum and voice our opinions and thoughts freely.

However, when you see generally about dictatorship post WW2, you will always see the names of Communist, Asian and may be African/LATAM dictators. But how many of us know two Western European countries were ruled by Dictators till 1970s. Yes, I am talking about the Franco's Spain and Salazar's Portugal. Both of them were allowed to get away for all their actions and rule till their time. One of them was even a founding member of NATO, EFTA and what not. Why were the poor people of Portugal and Spain not allowed to taste democracy by their neighbors?

Also, don't forget how the West has rehabilitated PRC after 1972 in the backdrop of Mao's disaster.

The reason for this post is not to support Russia or oppose the west. Irrespective of where you are in the spectrum of global politics, Politicians are power hungry wolves (they have to be to survive) and please do not take their word for everything as they will change the 'narrative' as it suits them.

PS: One can also read about how Salazar resisted the Goan integration with India and tried to internationalize it with NATO and UN. If I remember correctly, it was Soviets who had vetoed it. And how Catalonia in Spain is still struggling to get the 'Right to self determination' which is the cornerstone for Democracy as many in the west believe.

[TurboOnTarmac]

Originally Posted by C300

Good article on the ongoing sanctions against Russia.

Russia Ukraine conflict: The case for atmanirbharta

https://www.moneycontrol.com/news/wo...a-8197941.html

Case for Atmanirbharta is always been there and glad many started seeing it profoundly.

While the dependency on electronics, semi conductors, oil, advanced machinery has been widely talked about. In my earlier post talked about how the 'credible minimum self-sufficiency' that is tested by 'what if' scenario is the urgent need for India.

Additionally, the case of our own version of communication and social media ecosystem, that is alternative to google tools (email, youtube, maps, search, docs...etc), facebook and whatsapp, twitter is strongly emerging now. It has been debated earlier and we saw some short-term noise about need to have alternatives like shifting to Koo for twitter, and so on. Just look at the way these companies either imposed curbs or cut-off Russia. These companies have become stronger than a state interms of their power over everyday lives and can curtail peoples freedom and livelihood along with shaping the views in the direction they want.

As seen news reports, Russia has been cut-off of by all major world shipping lines and airtravel is fully curtailed. Its foreign reserves and sovereign assets in west have been confiscated and become worthless. Russian companies have not been spared either. Many MNC's snapped their operations in Russia and laid off the local employees. Worse is that they are not even able to use payments platforms like visa, mastercard, google pay or Apple pay which are the predominant platforms there.

From India's context, in the communication and media including social media, we need to have our opinions, facts and truth that is not over shadowed or curtailed by non-state actors and outside influences (state/nonstate) either in war times or in peace times. We often see many instances of the high-decibel preaching's with the backing of our own westernized intellectuals that clouds the original/historical Indian grassroots narrative and facts. This western narrative power at such a global scale is more visible and is on our face Now. As of today, we have no credible and strong India based systems or channels or media houses, social media companies. Basically we are at the mercy of the west or east in this space.

Next one that is showing up is the need to have our own alternatives in Banking (payments, transfers), software products that powers these critical systems. Thankfully, big shout out RBI and NPCI, we are in strong foot in domestic payments and transfer (wallets, UPI, RuPay are standouts). Also our majority of the core banking systems in India are powered by products from Infosys and TCS. Our govt and RBI must ensure that India continues to march ahead on this front, so another big shoutout for RBI's digital currency initiative as it will give a foot ahead and in worst-case it will help prospering so much innovation in Fintech space. But we must continue to watch out for these innovations so as to not get controlled by investing western/eastern money.

Lastly, the most alarming thing is now a country's entire foreign assets and currency reserves going worthless. This shakes the foundation of the interconnected global financial world. Countries like USA already enjoys the luxury of the printing dollars as much as they want and world keeps buying it. The sovereign rating agencies keep USA in AAA levels no matter how big is their deficit and indebtedness because rest of the world is tolerating it. Now we see that they can also, with one stroke of pen, can confiscate and nullify all of a country's reserves and assets. This war has thrown a fact that a country would also need to operate in the tolerance limits of the west in order for it to enjoy the progress and stay hooked to financial system. Else be prepared to face the consequences.

I dont know if that is good or bad but instinctively does not look good to be mercy on others from India point of view.

One thing for sure, the world's order, trade and technology will profoundly change from now on. I just hope China doesn't become even more aggressive on us from here on. Atmanirbharta takes time and India needs that time assuming we get our house in order and make concrete steps now.

PS -> I am not supporting the war and not supporting Russia's invasion. So sad for the lives severely impacted and lost. This is a very bad move from Russian part and also equally bad on west for not taking steps to prevent the root causes. The above message is only about Indian context and supporting its credible minimum self sufficiency in every aspect that impacts its citizens.

[NH08]

The list of companies/organisations who, to show that they are highly peace loving creatures, have restricted production/sale/export of their products/services in/to Russia:

• Mercedes Benz
• Volvo
• GM
• Ford
• Harley
• Apple
• Microsoft
• Dell
• Airbnb
• Addidas
• Puma
• Ikea
• Accenture
• Boeing
• Shell
• FIFA
• Formula 1
• ... and many more white pigeons (my keyboard would die if I type all the names.)

I am so overwhelmed to see that these companies are so ethical, so committed to peace. I just hope that they follow their ethics uniformly.

I assure you that whatever was done by one of these companies, i.e. Shell,(discussed earlier in this forum) was just an exception. Please don't think others are doing the same.. After the sanction-buy-donate fiasco, Shell has vowed:

Shell shall not sell its soul (in public).

[condor]

Originally Posted by NH08

I assure you that whatever was done by one of these companies, i.e. Shell,(discussed earlier in this forum) was just an exception.

Shell shall not sell its soul (in public).

Well, US & NATO group have put sanctions on Russia. They dont want to give or take anything. Butttt ... Oil & Gas is the exception

So, for Shell, it's Business as Usual - as long as Russia sells some to it.

[Thad E Ginathom]

Originally Posted by NH08

The list of companies/organisations who, to show that they are highly peace loving creatures, have restricted production/sale/export of their products/services in/to Russia ... ... ...

I do understand your cynicism. And to add to it, I wonder how denying one of Putin's mates the chance to buy a Mercedes, at this time, at least, is going to help Ukraine. And I do not believe many of these companies have especially strong morals.

I also wonder how the sanctions on oligarchs abroad is going to directly help. Of course, many of them should have had their spoils investigated long ago, but cash is cash, and nobody asked whence it came. Not even the British prime minister.

So, yes, I'm cynical too. But I tell myself that every little counts.

[vishnurp99]

Originally Posted by Thad E Ginathom

I do understand your cynicism. And to add to it, I wonder how denying one of Putin's mates the chance to buy a Mercedes, at this time, at least, is going to help Ukraine. And I do not believe many of these companies have especially strong morals.

I would say that the cynicism within the western democracies are at an all time high. The general trust levels are down. I wanted to share a study which is widely watched. Interestingly India and China features kind of high in this survey. Russia & US are not very different and come towards the lower end of the scale. Edelman is a US org. Take a look at slide 20 if you don't have the time to go thru the entire study.

Surveys like these worry me since there is a chance that the elites & media may use opportunities like Ukraine to do some virtue signaling without really meaning it to distract from internal problems. The rest of the world has to pay a price for that virtue signaling in terms of high commodity prices.

https://www.edelman.com/sites/g/file...INAL_Jan25.pdf

[EV NXT]

Don’t know which is the bigger farce - Shell buying Russian oil at discounted prices or the posturing by the Big 4 with these statements:

PwC announces separation of Russian arm in first of big 4 exit:

https://www.cityam.com/pwc-announces...ur-exit/?amp=1

[JithinR]

Originally Posted by condor

Well, US & NATO group have put sanctions on Russia. They dont want to give or take anything. Butttt ... Oil & Gas is the exception

So, for Shell, it's Business as Usual - as long as Russia sells some to it.

Sanction on Russia have not included the energy(oil & gas) sector till now. As far as I understand it, Sanctions are not a package deal.

Otherwise you wouldn't be able to threaten the target of these sanctions with escalating measures incase of their continued non-compliance.

Even the news article that was linked in the first post (Impact of the Russia-Ukraine war) that mentioned the Shell deal clearly states it (guess people don't really want to read anymore due to the overload of information coming in).

The U.S. and its allies left energy out of the sanctions imposed on Moscow in response to the invasion. However, refiners went further, shunning Russian crude as they struggled to get funding and ships to export Russian oil.

[Turbanator]

It comes as American Express, Mastercard and Visa all announced this weekend that they would be suspending their operations in Russia, with cards issued abroad no longer working at Russian ATMs or shops.

From the same article, I feel this and other decisions by Apple/ Car manufacturers have also to do with the uncertainties over the exchange rate of USD/ Rouble as well deterioration in the paying capacities of the cardholders.

Most of the non-essentials things will see low or nil sales, so it’s a calculated risk. Changing the prices of imported stuff will be a big pain with Rouble fluctuations, so it’s better to stop the sales.

[SnS_12]

Originally Posted by Turbanator

From the same article, I feel this and other decisions by Apple/ Car manufacturers have also to do with the uncertainties over the exchange rate of USD/ Rouble as well deterioration in the paying capacities of the cardholders.

Apple did the same thing in Turkey last year when the Lira started loosing value and they stopped sales temporarily.

In other news Germany trying to do some damage control maybe after the sanctions imposed on Russia which don’t include Oil and Gas for now?

[Poitive]

Originally Posted by Thad E Ginathom

I also wonder how the sanctions on oligarchs abroad is going to directly help.

My impression is that it is done to dent the inner circle of Putin, which is also a source of power for him. Though Putin heads the things and power is immensely concentrated in him, he does need a system around him, of which "oligarchs" are an integral part. Hurting his surrounding circle also hurts Putin, however much or little, especially if sustained. Also a matter of optics.

~~~~~

On another note, interestingly, some are called oligarchs, and some by other more respectful terms. Reminds me of this meme which is doing the rounds:

[Thad E Ginathom]

Originally Posted by Poitive

My impression is that it is done to dent the inner circle of Putin, which is also a source of power for him.

Good point. Yes, it makes sense.