Billions in Russian oil sale profits are stuck in Indian banks, marking a blow to President Vladimir Putin’s attempts to stop using the U.S. dollar for trade.

Commodities such as oil, gold and wheat are typically traded around the globe in U.S. dollars, the world’s reserve currency.

However Russia’s financial system was essentially isolated by Western sanctions imposed after Putin’s invasion of Ukraine, making his country unable to make transactions in greenbacks, thus limiting trade.

    • BombOmOm@lemmy.world
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      1 year ago

      Russia is fighting the poorest country in Europe and is losing ground. In what way does that make a mockery of US/NATO capabilities?

      ‘We have suffered substantial losses in our war with NATO.’

      ‘How many losses has NATO suffered?’

      ‘NATO hasn’t shown up yet.’

    • kbotc@lemmy.world
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      1 year ago

      NATO military capabilities hinge on air superiority. We literally stopped making many of the things Ukraine wants because it doesn’t allow for quick decisive action like the US expected in a war with Russia or a Russian proxy. As an example, tube artillery was used in the US to start avalanches, not something we expected to return to service.

      They wanted ground launched weapons, but our stockpiles are guided bombs that we’d use with impunity after our stealth craft took out the SAM radar and launch sites.

      Go be a low level effort useful idiot for Russia somewhere else.

    • Obinice@lemmy.world
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      1 year ago

      But they haven’t actually fought the US or NATO. At all.

      They’re fighting a weak, underfunded, undersupplied, independent European nation, and they’re not doing great. At all.

      Kinda sounds like Ukraine are making a mockery of Russia’s military capabilities, no?