"Russia, erroneously believing she needs foreign currency reserves, has billed in foreign currencies instead of rubles", says the economist. "This mindless policy had two great harmful effects on Russia. One is that the foreign currency reserves are easily frozen or confiscated. The other is that the policy supports the value of the US dollar and euro instead of the value of the ruble. Russia should price all of its exports to everyone in rubles".
"Where would the replacement for Russian energy come from and at what high price?", the economist asks. "Even if it could be done, it would take a year or two, possibly longer, to find supplies and build reception and delivery systems in Europe. If Russia would turn off the energy now, Europe would be essentially closed down and would be begging Russia to turn the energy back on, promising Russia whatever Putin wants, the end of sanctions, no expansion of NATO, the Moon and the stars".