Why would they need the cash given that they have their own currency? Isn't that fixed exchange rate Gold standard thinking rather than the modern free floating currency approach?
Russia has no need of dollars or Euros because it can't buy anything with them. So it swaps them immediately for Rubles, so that oil companies can pay the wages of their staff, which then increases the exchange rate of Rubles against dollars and Euros.
And that's what is happening. Russians need Rubles because that's what they pay taxes in.
Russia is perfectly capable of driving its own output using its own internal monetary system.
The propaganda isn't coming solely from where you think it is coming from.
Why would they need the cash given that they have their own currency? Isn't that fixed exchange rate Gold standard thinking rather than the modern free floating currency approach?
Russia has no need of dollars or Euros because it can't buy anything with them. So it swaps them immediately for Rubles, so that oil companies can pay the wages of their staff, which then increases the exchange rate of Rubles against dollars and Euros.
And that's what is happening. Russians need Rubles because that's what they pay taxes in.
Russia is perfectly capable of driving its own output using its own internal monetary system.
The propaganda isn't coming solely from where you think it is coming from.