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Rosatom is doing everything to ensure that the ruble becomes not “wooden”, but “nuclear”. Turn off your emotions, turn on your mind Posting in CHAT: Russia Why nuclear? Because until 1971, in accordance with its obligations at Bretton Woods, the United States had to convert dollars into gold at a fixed rate of $35 per troy ounce. Well, in 1971, the United States Nixon unilaterally took and abolished this “gold standard”, decoupling the American currency from the quotations of the precious metal. Here's a quick summary of what happened in the global oil market after that: America's abandonment of the gold standard in 1971 had a profound impact on oil-producing regions, especially OPEC members. At that time, most contracts for the supply of petroleum products were denominated in US dollars. The sudden devaluation of the dollar after the gold standard reduced the value of existing agreements and contracts. OPEC officials tried to set the price of oil exports in gold rather than dollars, but there were no major changes. One of the main steps taken to end the oil crisis of 1973-1974 was the alliance between the United States and Saudi Arabia. In June 1974, the United States and Saudi Arabia signed an important agreement that laid the foundation for the petrodollar system. This agreement is not an official historical doctrine, but is widely accepted as the basis of the modern petrodollar system. In addition to production and export, dollars are also used to trade oil on world markets. Major oil indices and futures products are denominated in US dollars. The most significant are the following: futures for West Texas Intermediate (WTI) oil; North Sea Brent futures (Brent); OPEC Basket Index; Canadian Oil Index; Oman DME oil futures. Thanks to this agreement, the dollar maintained its position in the world, and since then it has been called the “petrodollar.” But still, it cannot be said that this was an illogical step or a step imposed on the OPEC countries, because trading in dollars was mutually beneficial for both the United States and them, because there was no alternative to the dollar as a world currency. What. time, and America was the first economy in the world at that time. And now the situation, albeit little by little, albeit with big problems, will change (1) because the USA is no longer the first economy in the world in terms of GDP PPP, because they destroyed their industrial potential with their own hands. , moving their production to another country, and (2) because that country's trade balance has long been very negative, that is, they buy goods around the world with their fiat currency, and (3) because after the imposition of sanctions against Russia, the freeze and the theft of our assets, as well as the blocking of commercial payments in dollars, it became clear to all non-Western countries that they could not continue to “put all their eggs in one basket” and one day be left with “nothing.” In general, there has been a need to find a replacement for the dollar in international trade, but this process will clearly be long, because: ...The international settlement system in the oil and gas complex has been built over decades and has acquired many financial infrastructure instruments, including exchanges, pricing agencies, an international settlement system, etc. Therefore, the transition to the yuan (or a new international currency - author’s note) does not simply mean replacing the name of one currency in contracts with another, but the creation of a new financial infrastructure. And the creation of this infrastructure takes time and a lot of effort, but its creation is only a matter of time, as our Foreign Minister Sergei Lavrov recently stated. Well, while the structure of this new financial system is maturing in the minds of the leaders of the BRICS countries, we must protect our currency - the ruble ₽, promoting it in international trade payments, so as not to fall into another. dependence – dependence on China, which promotes the yuan. However, skeptics may note that China has much more opportunities to promote the yuan in international trade than we have to promote the ruble, because our economic potential is incomparable to China’s, which means that it will be very difficult for our ruble to compete. with the yuan in terms of attractiveness for countries around the world. And yet, we have excellent opportunities for our trading partners to transfer payments with us from dollars not to yuan, but to rubles, which could lead to some kind of cumulative effect when there are third countries, even those that do not trade directly with Russia. is interested in paying for its export goods in rubles. One of these opportunities is provided by Russia's unconditional leadership in the field of peaceful uses of nuclear energy, namely the opportunity to build the world's best nuclear power plants with both thermal reactors and fast neutron reactors (allowing for the implementation of a closed fuel cycle), as well as with fast neutron reactors (allowing the implementation of a closed fuel cycle). as well as floating nuclear thermal power plants. Recently, Vesti reported the start of pouring concrete into the foundation of the fourth power unit, the most powerful (4800 MW) on the African continent of the El-Dabaa nuclear power plant in Egypt, which will reach its design capacity by 2030 and will generate 10% of all electricity consumed in the country : So, the implementation of any similar project in any country makes it possible to convert payments to them into rubles. That is, thanks to just one nuclear power plant, we will be able to increase the world’s demand for our rubles, and not for dollars or yuan. For example, in some country we are building a nuclear power plant. At the same time, we carry out: a) its construction; b) provision of our equipment; c) employee training; d) supply of fuel, and in the future we will carry out: e) technical maintenance; f) planned repairs; f) extend the service life of reactors and g) dispose of spent nuclear fuel. All these services are exclusive. By definition, no other country in the world can provide them to this country, which means we can request payment for all of this in the currency that will be most useful to us. And if we want to promote the ruble in international payments, we can request payment for the construction of nuclear power plants and all these services in rubles, thereby stimulating any country to earn rubles. They will be able to earn our currency by selling their goods to Russia and third countries for rubles, rather than dollars or yuan, and by ensuring that tourists visiting them from Russia can pay there in rubles, rather than in other ruble currencies. Another example: the construction of a nuclear power plant in Turkey. Turkey will need rubles, but they may not be enough. And then Turkey, supplying its products to some country N, which does not trade with Russia, but supplies its products to China, can ask this country to pay for Turkish goods in rubles. This means that country N, in turn, will have to ask the Chinese to pay it in rubles, which it will then pay to Turkey, and Turkey to Russia. Thus, a cumulative effect (increased action) may appear, which will lead to an increase in demand for rubles. Thus, each nuclear power plant built by Rosatom brings closer the moment when the Russian ruble from “wooden”, as it was in not so distant times, will become “nuclear” - that is, not an imitation, but an attractive currency. for international trade payments, supported by our exclusive nuclear technologies. In addition to the construction of nuclear power plants, I repeat, Russia will soon have other exclusive goods that countries striving to pursue an independent policy and support the idea of ​​a multipolar world will not be able to buy from the West without threat. . loss of sovereignty, for example, of civil aviation, the entire range of weapons, etc. Further. 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