How does the rupee-rouble system work?
 

In this video, Palki explains the Rupee-Rouble system Lavrov is asking India to undertake.

https://youtube.com/watch?v=gx9-dMH86_4

First, I liked the openning and want one.

Got far enough to make this up: These two nations are establishing a direct trade route than doesn't require the Western banking system. All trade goods will be valued in their countries' currency. The currencies will float in their own virtual banking system. There will be much government intervention needed to make this work.

If the Global Warmest's are right this may be what's ahead because the current Western system isn't designed for what's coming and isn't all that adaptable. Just look at all those recessions and depression and all that debt we're floating on and the market is probably more overvalued than it's ever been.

ymmv

India with its tremendous need for cheap energy will probably find a way to make it work. It's foreign minister is making the case that Europe is buying more Russian energy. India which has a huge market has more play to withstand western pressure.

Are sanctions over used? From a long term point of view, I believe yes.
Nations are making adjustments to make themselves less vulnerable to sanctions.

The US has for a long time used the advantage of the world reserve currency to live beyond its means; consistently running up huge deficits. Will others continue to buy its debt, use only its currency if they fear retribution?

There are serious implications for the economics of world since the reckless invasion of Ukraine and the severe western reaction to it. A transition to the Green New Deal takes time during which fossil is courted. Europe in any scenario is in for expensive energy. Russia will look more to Asia and because of its self suffiency in energy and food has a good chance of weathering the economic storm. The political storm due to war losses could be a different matter.

The sanctions are NATO's response to the Poop Empire's successful Covid ground offensive. Sanctions don't work. Russians know they're poor and that money is overrated. These financial sanctions will only increase the #1 Pooper's base. His counter might be to get behind the Foot Rest Empire's canal. It will be presented in a Green New Deal frame.

As an American
 

(Arlo's dad singing in the background.)

Selling the best energy source on the planet cheaply is foolish. There's some of my DNA that will still be around when that resource will be far too valuable to sell cheaply. The nation doesn't need the marginal profit.