Russia suspends sale of foreign currency.

[L. Coyote]

Link to tweet

So, if you had more than $10K in an account in a foreign currency, you just lost half your money.

Link to tweet

Link to tweet

Link to tweet

Link to tweet

Link to tweet

[llmart]

1. Oh, my.

I wonder if this will affect the trump family fortunes. Putin probably paid him in rubles for his "services".

[TlalocW]

2. I also wonder

If the NRA kept any of the money Russia gave them as rubles for... whatever reason, and if they were smart enough to withdraw/exchange them before the invasion.

TlalocW

[llmart]

16. Weren't they already having financial troubles?

Seems to me they were going to file for bankruptcy or something. Can't quite remember the details now.

[TlalocW]

22. The attempted bankruptcy declaration was dismissed by a NY judge in 2021 as undertaken in bad faith

The NRA was hoping that declaring bankruptcy would derail AG Letititia James' case for dissolution. But that was just recently dismissed a few days ago as well. There are still proceedings going on against the NRA brought by James' office on lesser charges. At least that's what I got from this site - my legalese is not very good.

https://www.jdsupra.com/legalnews/new-york-judge-spares-nra-corporate-6958644/

TlalocW

[llmart]

30. Thanks for the info and link.

Yes, now I remember reading on DU that it was a ploy by the NRA to escape something. They are a blight on our country.

[NJCher]

3. I wish I had a $1 for every idiotic newsperson

Who sputtered, "But sanctions don't work" to our secretary of state when they were interviewing him or other government officials. Yes, I'm talking about you, Margaret Brennan.

And oh, the pressure on Putin. I read a piece in the WSJ early this a.m. where Robert Service was interviewed. Service is a British historian who has studied the USSR extensively. He says Putin will destroy Ukraine but be unable to win the country, due to the intransigence of the Ukrainian people.

There were two possible options to bring this to a close, in his opinion. One of them was if the Russian people turned on Putin. Look at those grocery shelves above. Can you see that happening?

I believe the other option Service said was if the other high level leaders in the country and the oligarchs decide that what Putin is doing is not in their best interest.

[ForgedCrank]

20. Russia was operating

on a caviar budget but only has mac and cheese money to spend. They were teetering already, a shell of its former self. Losing their export feed will hurt a LOT, but it is all going to depend on just how much other nations keep buying from them.
But don't count on them just vaporizing. Detaching from the USD has been a long standing project of more than several nations and this might be the catalyst that forces it, especially if China decides to play along.
Whether or not that will succeed or not is an entirely different conversation though. I'm not going to make any wild predictions.

[Cha]

4. Wow.. super OP! Rts TY.. So the No

sale of Foreign Currency means Vlad wants the Russians to stay in Russia?

As for the Sanctions Working.. TFCG sniffed his stupid nose at PJB's Sanctions... saying they were nothing.. the Russians had sanctions for decades.

So much for Traitortrump's LIES!

Too bad about the super market shelves.. this is What Vlad did to his People.

💙💛

[L. Coyote]

6. It means they can't make a run on banks to dump rubles for other currency.

Sorry folks, you are locked into a falling currency.

I was in a bank in Tapachula, MX to change dollars for pesos back in the late 70s, a Mexican woman was depositing a year's savings in dollars earned in the USA into a pesos account. I almost intervened to tell her, "Do a dollar account instead." A few weeks later I walked into the bank in Misantla and was told changing dollars was suspended for the day. The devaluation happened and I got 40% more pesos per dollar the next day. The family who had worked all year lost 3/8ths of their savings overnight, but at least they did not need to change it back to dollars. I was living higher because prices did not shift quickly.

[Cha]

23. Ah.. TY for that response.. now

I understand.

And, yes, too bad about those who lost money in Mexico.

We'll see how the Rubles thing goes.. I hope tfcg Loses $$$$$$$.

💙💛

[L. Coyote]

27. Of all the countries in the world, where do you suppose #FailedCoupGuy hid his illegal wealth?

Yuppers!

[Cha]

28. OMG.. The KARMA IS

Brilliant!

💙💛

[Cheezoholic]

5. Mrs. Betty Bowers FTW!! lmao n/t

[OAITW r.2.0]

7. I assume that 10,000 in foreign funds will cost gold on the open market.

Or maybe, nickel.

[L. Coyote]

9. It will trade at market rates. There will be a lot available, I suspect,

if people realize they better get that much out while they can. Then they will have a hedge against the declining ruble.

[OAITW r.2.0]

10. Lets see.....$10000 USD at rouble value of .001 per rouble.....

10MM roubles!

[L. Coyote]

12. Actually, rubles are still more expensive than toilet paper.

Link to tweet

[OAITW r.2.0]

14. OK, only costs 130k roubles today to exchange. What about next week? nt

[roamer65]

18. Only place dollars will be available is black market.

I would guess it will be more like 30M rubles for $10000 USD.

[OAITW r.2.0]

19. Think Pension funds

Investments in Russia - Putin approved. Losses are gonna hurt a lot of Americans who probably need it the most.

[Nevilledog]

8. ...

[OAITW r.2.0]

11. lol....

Pigeon - 150 roubles vs. Paper - $20 USD. Take paper, eat pigeon.

[uponit7771]

21. lol

[Amishman]

13. Da, Ruble is rubble

And not the pup from Paw Patrol

[keithbvadu2]

15. NRA and Moscow Mitch must be crying.

NRA and Moscow Mitch must be crying.

[roamer65]

17. That should drive up the black market exchange rate to 300 rubles to 1 USD.

[ancianita]

24. Thank you. This is great information. It marks the party of putin as mass FAIL.

[niyad]

25. LOVE Mrs. Betty Bowers!

[AZLD4Candidate]

26. I smell a massive uptick in a black market.

[blue sky at night]

29. wow this is an amazing post...

I am stunned that vlad was so f'ing stupid to ruin his own country....