Report says Russia, Iran plan to create global gas cartel, Moscow to launch its own precious metals exchange

Simon Watkins, a financial journalist and best-selling author, claims that “the alliance aims to control as much as possible the two key elements of the global supply matrix“. At the same time, Russia intends to create a precious metals exchange called the Moscow World Standard (MWS).

U.S. dollar and ruble remain strong, massive surge in commodity prices”most damaging to the European economy“.

Last week, economists from Russia’s Ministry of Economic Development noted that the decline in the country’s gross domestic product (GDP) would be much smaller than previously estimated. In addition, Russian President Vladimir Putin once again criticized the U.S. and stressed that the U.S. needs “conflicts to maintain its hegemony.“In the midst of the Ukrainian-Russian war, the U.S. dollar was strong and the Russian ruble was one of the best performing fiat currencies in the world.

The sanctions against Russia do not seem to affect the country, but rather everywhere else in Europe. For example, Forbes writer Kenneth Rapoza explained in an article published Tuesday that “Europe’s markets and energy security [ont été] disrupted by sanctions against Russia“. The sanctions, insists Kenneth. Rapoza, “triggered a massive surge in commodity prices that did the most damage to the European economy.“Europe is suffering from the worst inflation in years and Russian oil always ends up filling European gas stations at an inflated price.

A journalist says Russia and Iran are laying the groundwork for a global gas cartel.

In late June, Putin explained that a new international reserve currency based on a basket of currencies was under consideration by members of the BRICS nations. Following Putin’s statements, about two weeks later, Russia’s Gazprom and the National Iranian Oil Company (NIOC) announced that they were creating a global gas cartel and signed a memorandum of understanding (MoU).

On the same day, Putin traveled to Tehran for talks with Turkish and Iranian leaders. Oilprice.com financial reporter Simon Watkins believes the deal shows that Russia and Iran are laying the groundwork for a global gas cartel. The journalist also notes that global LNG supplier Qatar, the world’s largest liquefied natural gas company, could also join the partnership.

“With a foundation in the current Gulf Exporting Countries Forum (GECF), this ‘OPEC of gas’ would coordinate an extraordinary proportion of the world’s gas reserves and control gas prices in the years to come“, Watkins said on August 23. “Occupying the number one and number two positions, respectively, in the table of the world’s largest gas reserves – Russia with just under 48 trillion cubic meters (tcm) and Iran with nearly 34 tcm – the two countries are in an ideal position to achieve this“, added the oilprice.com author.

Russia plans to launch World Standard Moscow precious metals exchange

Reports that the BRICS nations are considering a new international currency and the recent partnership between Gazprom and NIOC follow Russia’s efforts to move gold. According to capital.com, Russia intends to create its own precious metals exchange, similar to the London Bullion Market Association (LBMA).

seeing discussion about Russia creating a new Moscow World Standard (MWS) as an alternative to the London Bullion Market (LBMA) indeed has ramifications… with a fixed price above the going rate in London, it could be for an interesting showdown… h/t @capitalistxp

– David Cox, CMT, CFA (@DavidCoxWG) August 16, 2022

Capital.com contributor Indrabati Lahiri says Russia’s metal trading idea is “tentatively called the Moscow World Standard (MWS)“. In addition, Russia’s largest gold producer, Polyus, has issued bonds in Chinese yuan and the company has done so twice in 30 days. Reuters details that since the start of the Ukraine-Russia war in February, “demand for the yuan has increased.“