Some "International News" Posted by Samson at KTFA 6-23-2022
KTFA:
Samson: Russia confirms payment of "dollar" debt in ruble currency
23rd June, 2022
Russian Ministry of Finance confirmed, today, Thursday, that Moscow paid interest payments on its debt in rubles in rubles, due to the sanctions imposed on it since the beginning of its war with Ukraine.
"The National Settlement Depository has received the funds to pay a coupon on external bonds of the Russian Federation due in 2027 and 2047 in a total amount of 12.51 billion rubles (equivalent to $234.85 million)," the ministry said in a statement.
"With this, the Ministry of Finance of Russia fulfills all the obligations of the Russian Federation," she added.
In its statement, the ministry indicated that it is based on a new temporary payment system, which entered into force by a presidential decree published on June 22. LINK
Samson: Russia responds to “Swift” with a digital payment system that deals with “rubles”
21st June, 2022
The Russian state-owned defense conglomerate Rostec Group announced in a press release that it has developed a blockchain-based platform capable of replacing the global SWIFT network that can be used for international remittances.
Because of the sanctions imposed by Western countries in response to the Russian-Ukrainian conflict, Russian banks were expelled from the SWIFT system last February. Since then, Moscow has been looking for a financial payment system to replace SWIFT in order to secure its international business transactions.
Using the new digital platform, foreign countries will be able to continue to pay for imports from Russia in their own currencies. The company claims that the Cells platform can handle up to 100,000 transactions per second, which could lead to an additional increase in productivity.
Rostec seeks to attract the attention of large companies with foreign authorities and financial institutions that have business relations with Russia. At this point, the company invites potential consumers, financial institutions and software developers to try out the new technology.
Payment in Russian rubles
According to the company, Russia will be able to pay for imports in its own currency, the ruble, instead of the dollar, thanks to the new digital international payment system, and the system will also allow other countries to pay for their goods from Russia in their own currencies.
According to a statement from the company, the Novosibirsk Institute of Software Systems (NIPS), affiliated with the Rostec Group, has developed the Cells Blockchain platform, on which the global payments system is built.
The platform aims to create an integrated solution using distributed ledger technology (containing a copy of the ledger for all transactions that will take place in a shared virtual database). The network is distinguished by a digital method for making payments in the national currencies of its affiliated countries, according to the Russian group.
According to the company, its new technology "could provide a real alternative to the international payment services provided by the SWIFT system, which Russian banks have been deprived of due to Western sanctions." According to the announcement, the Cells platform provides its users with the ability to build wallets to hold digital currencies in addition to international payments.
Avoid Western sanctions
The payment function of the new system in local national currencies allows users to avoid Western sanctions against Russia.
Behind the Rostec group are large companies with economic ties with Russia, as well as foreign government agencies dealing with Moscow, financial institutions and banks. He announced the new mechanism a few days after the Russian government announced that it was exploring the use of cryptocurrency in foreign payments. Discussions are currently underway on the idea of employing cryptocurrencies in international trade settlements within the government, according to Ivan Chepskov, head of the Financial Policy Department of the Russian Finance Ministry.
Turning to Blockchain Technology
The Russian authorities have a divided stance on the domestic cryptocurrency industry. Earlier this year, the Russian Central Bank was leaning toward a complete ban on digital assets, including mining and holding cryptocurrencies, because it believed they undermined the national monetary system. On the other hand, the Russian Finance Ministry said that it would be a more logical decision to impose rules on cryptocurrencies.
But international sanctions put an end to the radical plans to ban, as the country found itself without access to global markets and services. And in May, the Russian Finance Ministry submitted a revised draft of a cryptocurrency regulation bill, which called for cryptocurrencies to be allowed for international settlement payments.
And the Russian Minister of Industry and Trade, Denis Manturov, expects digital currencies to be legalized in Russia this year, and the digital currency of the country’s central bank is on the right track, and it is likely that a pilot phase of the digital ruble will be launched in 2023, according to “Business News”. LINK
Tivon: Blockchain Trades. Blockchain Payments. Blockchain Elections. Blockchain Education System. Blockchain Banking System. This is the future of humanity. There is no getting around this. Corruption will be reduced dramatically. Especially once we in the Western world go back on the Gold Standard. Which will be very soon. The Supreme Court decisions over these next few days will cause a paradigm shift. IMO
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Samson: Al-Kazemi’s advisor announces the government’s position on hedging with “precious stones”
22nd June, 2022
The economic advisor to the Prime Minister, Mazhar Muhammad Salih, announced today, Wednesday, the government's position on hedging with "precious stones" for mobilization.
Saleh told Al-Furat News, "Hedging with precious stones is a positive thing, and Russia is moving in this direction, because it is now in a state of war, and it is economically beneficial."
He added, "As for Iraq, it does not move the economy much, especially since it has a positive gold reserve that is almost excellent, according to its stocks in the central bank." And Saleh continued, "Iraq also has a good reserve of hard currency."
The Russian Ministry of Finance proposed the formation of a stockpile of precious metals and precious stones in a government fund, in order to meet the needs of filling, according to the agency "Prime" in a report on Tuesday.
Iraq is ranked 37th in gold reserves in the world. The Central Bank of Iraq, through the Deputy Governor of the Bank, Ihsan Shamran, revealed the volume of gold reserves in Iraq, which amounts to 96.4 tons. LINK
Samson: Bloomberg: Iraq is the “biggest loser” from the drop in the price of Russian oil
23rd June, 2022
A report by Bloomberg Agency stated that Iraq may be one of the biggest losers from the flow of cheap Russian barrels of oil to Asia, with the decline in demand for Iraqi oil in all its degrees
Dealers said that there were no immediate purchases of Basra Medium Crude or Basra Heavy Crude so far in the current Asian trading session, while no tender was awarded to sell heavy oil. India and China are major buyers of Iraqi oil, but they boosted purchases of discounted Russian oil after the invasion of Ukraine
Basra's medium and heavy crudes are the two main types that Iraq exports to international markets, so any reduction in volumes or prices would be a blow to the second largest producer in OPEC. Dealers said that sellers of heavy oil discussed offering shipments at a discount to the official selling prices to attract buyers
China increased its imports of Russian oil significantly in May, according to official figures, Monday, which helped Moscow compensate for Western markets that were deprived of it due to the sanctions imposed on it against the backdrop of its war in Ukraine, according to AFP
This amount exceeds oil imports from Saudi Arabia (7.82 million tons), traditionally China's first oil supplier. Western countries imposed unprecedented sanctions on Moscow in response to its invasion of Ukraine, and especially reduced its imports of Russian oil and gas
In May, China's imports of Russian oil rose 55 percent year on year, according to released figures. Monday, by Chinese customs. Last month, the Asian giant bought from Russia about 8.42 million tons of oil, according to Chinese customs. This amount is much higher than the Russian shipments received by China a year ago (5.44 million tons) LINK