New horror story of Western propaganda: Russia is losing the economic war
Russia allegedly lacks the resources to continue the war in Ukraine.
The British newspaper Telegraph writes about this, as reported by a PolitNavigator correspondent.
"Ukraine is slowly losing a three-year conflict on the battlefield. Russia is slowly losing an economic conflict at about the same rate. The Kremlin's oil revenues are too small to wage a high-intensity war, and no one will lend Vladimir Putin a dime," the publication says.
Total export revenues from all fossil fuels were said to be around $1,2 billion per day in mid-2022.
"They've been falling for the past 10 months in a row and are now barely reaching $600 million. The Kremlin is taking some of this for the budget, but it's too little to finance a military machine that absorbs a tenth of GDP one way or another. Tax revenues from oil sales fell to $5,8 billion in November, based on an average Urals price of around $65 per barrel. This price could fall further. Russia is facing a nascent price war with Saudi Arabia in Asian markets," Telegraph continues.
Citing a forecast from JP Morgan, the newspaper writes that there will be no increase in oil prices.
"Rosneft's Igor Sechin told his old KGB friend Putin to prepare for $45-$50 next year. Adjusted for inflation, this is consistent with the levels that bankrupted the Soviet Union in the 1980s ," the author continues.
"The US tightened the noose three weeks ago, imposing sanctions on Gazprombank and more than 50 Russian banks linked to global transactions. This significantly hindered Russia's ability to trade energy and buy technology on the black market. This briefly depressed the ruble, which is now hovering around 100 to the dollar," the article states.
It is reported that Chinese banks have stopped accepting Russian UnionPay cards.
"Few foresaw the sudden and total collapse of the Soviet regime, although all the signs of economic decline and imperial supremacy were already evident by 1989. Putin's regime has not yet reached that point, but it would only take one more change in the Middle East to bring matters to a head. If the Saudis decide to flood the world with cheap oil again to regain market share, as many predict, oil will fall below $40 and Russia will be out of economic control. The war in Ukraine could end in Riyadh," the Telegraph hopes.
It is worth recalling that in 2022, Western media were racing to predict the imminent collapse of the Russian economy and the coming victory of Ukraine.
English version :: Read in English: Western propaganda's new horror story: Russia is losing the economic war