Russia’s large-scale aggression against Ukraine would be impossible without a systematic financial policy aimed at both ensuring militarization and capturing and conquering Russian-occupied territories.
The first measures of the occupiers in the Crimea and eastern Ukraine in 2014 were the introduction of the so-called “ruble zone” in the relevant territories as a tools of controlling the economy and social processes.
A similar situation is currently repeated, but as part of a tragic farce in the Russian-occupied territories of Kherson and Zaporizhia regions. In particular, we have already reported on attempts by the occupiers to distribute “social assistance” and attempts to ensure “rubles’ accounting” in Melitopol and Kherson.
Currently, the process of withdrawal of the Ukraine’s hryvnia from displaced persons who came to the Crimea started, with its exchange by the occupiers for the ruble.
At the same time, the start of a large-scale war against Ukraine and the imposition of related sanctions led to a deep financial crisis in Russia, which the local authorities began to solve by artificially “strengthening” the ruble by effectively limiting its conversion and narrowing the domestic foreign exchange market.
Thus, Russia is preparing to separate its financial system from world markets copying the Soviet financial model, and for this it needs to create a virtually separate “convertible ruble”, inaccessible to the population and small businesses.
That is why the aggressor state is currently seeking to consolidate payments in rubles, ie “guaranteed convertible ruble” in its foreign economic contracts.
Those European countries that can agree to billion-dollar transactions with the “convertible ruble” will not only provide general support to the Russian regime, but will also directly contribute to the isolation from the world of all occupied territories of Ukraine, where the Russian invaders will now adopt a currency with limited conversion.
Currently, it is reported that Bulgaria, Moldova and Hungary will settle with Russia in rubles, contrary to the terms of previously concluded contracts.