How have Russians dealt with being getting kicked off the fiat dollar network? We are joined by Russian economist and investment advisor Lana Nagornaia to discuss the monetary ramifications of US sanctions from a Russian perspective. Why has the rouble risen versus the dollar in spite of sanctions? Can this be expected to last, or will it reverse? What alternatives are Russians using for trading with the rest of the world? Will Russia switch to a gold standard? Can it trade gold internationally while sanctioned by the global gold market? Can a Chinese-Russian fiat alternative to the dollar succeed? Lana also explains how life in Russia has changed since the outbreak of war, how global energy markets have been affected and how bitcoin could play a role in bringing about a world of sanction-free trade.Â
References
- Lana Invest official website.
- Lana on Instagram.
- London Bullion Market Association suspends Russian gold and silver refiners.
- Moscow Times article on how Russian gold is being rerouted to China.
- Al Jazeera article on unofficial ban on Russian gold.Â
- Reuters article on Russians rushing to buy Chinese yuan.
- Saifedean’s first book, The Bitcoin Standard.
- Saifedean’s second book, The Fiat Standard.
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