The impact of the West’s sanctions just seems to be getting worse and worse for Russia.
Now, 98% of Chinese banks — even small regional ones — are refusing to accept direct Chinese payment transfers from Russia, Alexey Razumovsky, the commercial director of the payments company Impaya Rus, told the pro-Kremlin media outlet Izvestia.
Such issues appear to have intensified over the past three weeks, as smaller Chinese financial companies were still processing Russian payments in May and June, Izvestia reported.
Last month, the Russian outlet Kommersant reported that about 80% of bank transfers made in the Chinese yuan were bouncing back with no explanation after being stalled for weeks while banks decided whether they could transact.
Razumovsky told Izvestia the payment challenges with Chinese banks could contribute to supply-chain difficulties and inflation in Russia.
Between that, his US lap dog Trump looking like he’s going to lose the elections badly, and Ukraine taking control of more Russian territory in a week than they have been able to take from Ukraine in months, Putin is definitely not sleeping well right now.
his US lap dog Trump looking like he’s going to lose the elections badly
Eh, we’ll see. Trump’s “crushing defeat” of Hilary came down to 80k votes in three states. Biden’s “decimation” of Trump was an even-thinner 40k votes across a slightly different mix of three states.
Dems love to snatch defeat from the jaws of victory. Just ask OG Tankie Michael Dukakis, Professional Wife-Kisser Al Gore, and Future First Woman President Hilary Clinton. All three gave up wide margins in the last few weeks of the race.
Would be nice to see Dems run up Reagan/LBJ-esque margins in 2024, but even the best polls still have Kamala in an electoral dead heat despite being miles ahead in the popular vote. She could very easily get Bush v Gore’d in some swing state with a red governor like Georgia or North Carolina or Nevada.
It’s not just that Dems have to win by +5% to make sure the Electoral College matches the popular vote, either. Now it almost has to be +7% to +10% to keep Republican election officials from contesting the result and it mattering in the end.
The Electoral College was bad enough. Its only justification is “whelp, them the rules”. Now Republicans made up a new set of rules and expect us to follow them.
OG Tankie Michael Dukakis
I was too young to have memories of the Dukakis run. Was he actually a tankie in the Hexbear sense, or are you just referencing that picture of him riding a tank?
are you just referencing that picture of him riding a tank?
That, yes
Although, it’s curious to see people draw the line between “Neoliberal/Neocon warhawk” and “Guy on the Internet who likes Stalin”.
Get under the hood, and the real distinction is economic policy, not military policy. They’re both big fans of kicking people’s teeth in to get their way.
Why would they not just use cryptpcurrency at this point?
Like, there is a solution right there. I don’t support either of their governments btw but I mean come on, the answer is right there
Why would they not just use cryptpcurrency at this point?
Waiting two hours for my cryptocurrency transaction to process against a third party broker “NoScamSafeTransact.ru” only to discover that I’ve had my wallet hacked and all my funds plundered.
Lol well this depends on the crypto used and its hard to think that bank fees of any kind would be better than to just pay the fee to speed the transaction up.
Also, presumably they would use dummy wallets and not send amounts from their cold wallet with the full amount on it.
Idk, just seems like they deserve the trouble at this point if they can’t utilize the ways around it.
its hard to think that bank fees of any kind would be better than to just pay the fee to speed the transaction up
Paying which fee using what currency to which third party? Hell, can you even get a good conversion rate on Rubles to Yuan, by way of some third crypto broker, at this point? Seems like its the same problem (foreign brokers don’t trust Russian banks to process transactions) with extra steps.
Also, presumably they would use dummy wallets
Adding a fourth point of failure in my Ruble to Crypto to Yuan transaction. What could go wrong?
Idk, just seems like they deserve the trouble at this point
Tell you what. Take $10 and convert it to Rubles. Then convert those Rubles to crypto. Then cover the crypto to Yuan. Then buy something and ship it from China to Russia. And let me know how this experiment ends. Then you can wax poetic about how only an idiot wouldn’t be doing it your way.
But all this is assuming they want to convert it into another currency at all, I was thinking why not just use it in that form for international trade although some of the other comments have explained the dollar amount equivalent wouldn’t be able to exist right now due to mining limits.
But why not use a combination then of crypto, precious metals, and just straight up raw currency. I mean if chinas bank doesn’t want to accept it they could just ship a container with money in it directly to them right?
I mean criminal enterprises move BILLIONS all the time without banks so I don’t see how its so hard for two of the larger nations in the world.
Edit: I’m guessing the conversion into the Yuan would betheissue with sending them straight up cash huh?
I mean criminal enterprises move BILLIONS all the time without banks
That’s totally untrue. In fact, we’ve had a litany of bank scandals - some very recently - involving large scale criminal financial trafficking. HSBC, JPMorgan, and DeutchBank have all gotten flak for processing transactions on behalf of crooked clients. USB is practically legendary for their numbered accounts and anonymous transactions.
This is no problem for Russia since their economy is booming! As the tankies on Lenny repeatedly has reminded me, sanctions has no effect att all!
War Economy is still economy. Right? RIGHT?!
laughs in American post-WW2 propaganda
I assure you that a handful of well-positioned arms dealers in Russia are getting extraordinarily wealthy. I just wouldn’t want to be one of the kids of a 20-something young man who has been shipped to the front right now, cause they’re growing up broke as shit.
I mean they were broke as shit before, Russia has been broke as shit since the 90s.
'91 is the year that privatization started in earnest.
They started buying weapons from N Korea with goats. Nothing signifies a strong economy like hocking food.
