Hello everyone. I'm your No. 24 technician, Port Ah.
Yesterday, the Russian side officially announced that it will implement a new transaction method for some “unfriendly countries,” and that it will switch to using rubles when supplying natural gas to these countries and regions in the future, and that the Bank of Russia and gas companies are required to complete the revision of the settlement process within a week.
During a video conference on the 23rd, Lao Pu said that some countries have made illegal decisions to freeze Russian assets in the past few weeks, and there is no point in using currencies such as dollars or euros for settlement when Russia supplies goods to EU member states and the US.
These measures are clearly aimed at European countries; this can be said to have left them dumbfounded.
The market also reacted rapidly. The statement triggered concerns that the energy crisis in Europe might worsen, and European gas prices rose in response. Wholesale gas prices in European countries such as the United Kingdom and the Netherlands reached a maximum increase of 30% on the 23rd.
According to a Reuters report, the exchange rate of the ruble against the US dollar once jumped to the highest point in three weeks on the same day after the news was released that Russia would switch gas exports to “unfriendly” countries and regions for settlement in rubles, and finally settled at 97.7 rubles for 1 US dollar.
So why does this statement have such a big impact? Which direction will things evolve next?
Next, I'll listen to Ah Gang to talk to you.
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