Finance is a weapon of war, headlines the Financial Times. It is not NATO that punishes Vladimir Putin after the invasion of Ukraine, it is the “architecture of the global financial system that is pulverizing its economy,” says Lloyd Blankfein, former CEO of Goldman Sachs. After the annexation of Crimea in 2014, Russia built an independent financial fortress. Its epicenter: the Central Bank and its more than 600 billion dollars in reserves (distributed mostly in assets other than the dollar), a neat monetary and fiscal policy, and twin surpluses. The visit to Xi Jinping, on February 4, completed the anti-seismic strategic design. A couple of days before Gazprom completed the studies for the Soyuz Vostok pipeline to supply 50 billion cubic meters of gas per year to the Chinese market, the world’s fastest growing market. “The decision-makers in Moscow understand that without China’s support, Russia could not withstand confrontation with the West,” a Russian professor of international relations, Artyom Lukin, declared at the time.
Source: Ambito
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