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▪ authorities will be able to monitor any transaction;
▪ authorities will be able to see where and on what money is spent; ▪ a digital ruble can be programmed so that it can be used only in a certain location.
Who will have to make the transition to the digital ruble:
▪ state employees;
▪ social payments (which means millions of people).
Shelf life of the digital ruble:
There is a possibility that the new currency will have a shelf life. After its expiry, the money will vanish. That is, Russians will not be able to save and withdraw money. And it will also have to be spent before the expiry date.
The digital ruble is a new and convenient way of control by the Russian authorities. It will make them able to restrict financial transactions, encourage the purchase of certain goods and forbid others with a single button.
Such a rapid introduction of the digital ruble might suggest that the Central Bank is preparing for a shortage of cash.
2.6 Gas prices set to remain volatile for now
Prepare for a roller coaster ride in European gas prices this autumm, as this market is poised to remain volatile for an extended period, Bloomberg said in a comment.
The potential for strikes in Australia, with a worst-case scenario impacting up to 10% of global liquefied natural gas (LNG) supply, has ignited a surge in futures.
While the certainty of industrial actions remains uncertain, this situation has generated an unusually robust market response compared to previous years.
Pending key votes within unions and a necessary time frame for potential strikes to impact LNG exports means gas producers are working to mitigate disruptions for their customers. Japan, China, and South Korea, Australia's largest buyers, exhibit calm and aren't hastily seeking replacement shipments.
Conversely, the European response has been more jittery. The continent, having increased imports of super-chilled fuel by 60% last year to compensate for Russian pipeline gas after the Ukraine invasion, is highly sensitive to production and export disruptions. Securing gas supplies remains a priority, particularly since further reducing consumption for industries and households would be challenging.
This sensitivity became evident this summer when Norway extended gas field maintenance, prompting price surges despite ample stockpiles and subdued demand.
RUSSIA Country Report September 2023 www.intellinews.com