Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Al Mayadeen's correspondent: Israeli drone targets a car on the Ayta al-Shaab-Debel road in southern Lebanon
Yemeni Armed Forces Spokesperson Yahya Saree: The remaining airlines that have not yet complied with the ban are urged to take this into serious consideration to ensure the safety of their aircraft and passengers
Yemeni Armed Forces Spokesperson Yahya Saree: The YAF, after successfully imposing a partial ban on air traffic at Lydd Airport, are now working to impose a full ban on air traffic at the aforementioned airport in the coming period
Yemeni Armed Forces Spokesperson Yahya Saree: YAF's UAV Unit carried out three military operations targeting three vital Israeli sites in the occupied Palestinian areas of Yafa, Isdud, and Umm al-Rashrash, using three drones
Yemeni Armed Forces Spokesperson Yahya Saree: The operation successfully achieved its objective, causing millions of Zionist settlers to flee to shelters and bringing airport operations to a halt
Yemeni Armed Forces Spokesperson Yahya Saree: YAF targeted Lydd Airport in the occupied Yafa area (Tel Aviv) with a hypersonic ballistic missile
Israeli media: Ben Gurion Airport airspace sut down following missile launch from Yemen
Israeli media: Air raid sirens sound in the central region and Hashfala following the detection of a missile launch from Yemen
SDF announces the killing of three of its members as a result of ISIS cells detonating a landmine targeting a vehicle of a security patrol on the Hasaka-Raqqa road
The Popular Resistance Committees: We call on all international institutions to take urgent action and uphold their responsibilities by restoring and immediately enforcing effective mechanisms for the distribution of humanitarian aid.

'Impossible' to sanction Russian gold: Financier

  • By Al Mayadeen net
  • Source: Agencies
  • 29 Mar 2022 14:16
  • 2 Shares
3 Min Read

Mitchell Feierstein has explained to RT that any sanctions on Russian gold will be ineffective and impractical.

  • x
  • Financier to RT:
    Financier to RT: "Impossible" to sanction Russian gold

Sanctions are an inefficient and unworkable tool because they invariably have unforeseen repercussions that harm the nations that implement them, according to investor and Planet Ponzi author Mitchell Feierstein in an exclusive interview for RT.

In response to the recent embargo on transactions involving Russian gold reserves imposed by the US and the UK, he stated that sanctioning the Russian Central Bank's gold is impossible. For starters, the Russian Central Bank is a buyer of gold rather than a seller. Second, the refining technique used to create gold bars or coins is simple to imitate. "Russian" gold, he claims, can be readily melted – brought to another refiner, tested, molded into bars, and resold.

“Exchanges and markets do not specify where gold ore was mined or refined, nor do they care. Proving this would be impossible. The buyer’s only demand is that the minimum assay certificate confirms .995 purity and the exact weight.”

Feierstein further stated that any gold bans can and will be readily avoided since central banks, including the Russian central bank, have "sovereign immunity".

Feirstein confirmed that gold, as it has been for more than 6,000 years, will continue to be a currency.

Related News

US-Israeli aid plan in Gaza used as tool for forced displacement: MSF

‘Israel’ lost 'international legitimacy' for Gaza war: Israeli media

“Accordingly, since 2013, I have been predicting how the West’s debt and confidence crisis, which began in 2008, would cause the end of the US dollar hegemony. China, Russia, or India will launch a new currency backed and exchangeable for gold, silver, oil, or wheat,” he said. “At that point, fiat currencies will become worthless, and the USD will lose its reserve status," he added.

According to Feierstein, Asia, India, and the Middle East would likely disregard Western sanctions on Moscow since Washington would be unlikely to verify a gold transaction between Russia and China, Iran, India, Brazil, Saudi Arabia, the United Arab Emirates, or African states. The three continents “will resist or ignore the sanctions imposed by the West, expediting the end of the USD as the world’s reserve currency and deepening the East-West divide.”

The expert concluded that sanctions usually carry a "boomerang effect", adding that “in fact, in my four decades in global finance, I do not remember a single case where sanctions were successful.”

He shed light on the consequences of Russian sanctions, like global inflation in food and energy prices, food shortages and famine in Africa, currency devaluation, mass censorship, and many others.

Last week, the ruble increased in value, reaching a three-week high after Moscow announced that gas exports' payments to a number of Western countries will be dealt with by the Russian ruble. 

The USD exchange rate declined in favor of the Russian ruble, trading at 90 rubles during Monday trading on Moscow Exchange for the first time this month. On the other hand, the euro dropped below 98 rubles for the first time since the end of February, trading data suggested.

Earlier this month, the Russian ruble reached historic lows upon the authorization of the special military operation and the announcement of West-led sanctions against the Russian economy. On March 7, the currency dropped to historic lows of 132 rubles per dollar and 147 rubles per euro. Before that period, the currency was exchanged at 75 rubles per dollar and 85 rubles per euro. 

Read more: India, Russia discuss Rupee-Ruble exchange amid sanctions

  • United States
  • Russia
  • Washington
  • Russia Today

Most Read

President Donald Trump and Israeli Prime Minister Benjamin Netanyahu arrive to a news conference in the East Room of the White House, Tuesday, Feb. 4, 2025, in Washington (AP)

Rift widens: Trump, Netanyahu clash in heated phone call over Iran

  • Politics
  • 26 May 2025
US judges quietly consider private security amid Trump tensions

US judges quietly consider private security amid Trump pressures

  • US & Canada
  • 25 May 2025
An Israeli army vehicle moves in the Gaza Strip as seen from southern occupied Palestine, Thursday, May 29, 2025 (AP)

Hamas rejects Witkoff ceasefire plan, says alters terms

  • Politics
  • 29 May 2025
Spokesperson for the Yemeni Armed Forces, Brigadier General Yahya Saree, announces a new operation against Ben Gurion Airport on May 29, 2025 (Yemeni Military Media)

Yemen announces successful hypersonic missile strike on Ben Gurion

  • Politics
  • 30 May 2025

Coverage

All
War on Gaza

Read Next

All
MIT bans class president who gave pro-Palestine speech
US & Canada

MIT bans class president over pro-Palestine speech

Arab ministers condemn Israel 'ban' on planned West Bank visit
Politics

Arab ministers condemn Israeli ban on planned West Bank visit

Major General Hu Gangfeng, Vice President, National Defense University, People's Liberation Army, China, leaves after a panel discussion during the 22nd Shangri-La Dialogue summit in Singapore, Saturday, May 31, 2025. (AP Photo/Anupam Nath)
Politics

China blasts Hegseth, calls US top 'troublemaker' in Asia-Pacific

US activists demand shutdown of Musk's 'dirty' supercomputer: Reports
Technology

US activists demand shutdown of Musk's 'dirty' supercomputer: NBC News

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS