its time. the fat lady is singing. the empire is on the way out;

Russia sanctions have not shaken Moscow’s resolve, despite the fact that Europe has already lost four governments due to economic and political crises, according to Hungarian Prime Minister Viktor Orban on Saturday.

“The West’s strategy is like a car with flat tires on all four wheels… The sanctions did not destabilize Moscow. Europe is in trouble, economically and politically, and four governments have become victims: UK, Bulgarian, Italian, and Estonian… People will face a sharp increase in prices. And the better part of the world deliberately did not support us as well — China, India, Brazil, South Africa, the Arab world, Africa — everybody is aloof from this conflict, they are interested in their own affairs,” Orban said while delivering a speech in the Romanian city of Baile Tusnad.

Orban went on to say that the Ukrainian conflict will “put an end to Western hegemony, which could unite the world against someone,” and that a “multipolar global order” will “knock on the door.”

On a trip to Moscow today, Hungarian Foreign Minister Peter Szijjarto told reporters that the EU should be truthful about the realities of the gas supply from Russia rather than treating it as an ideological matter.

“It has been proven that the purchase of natural gas is not an ideological issue, but a physical issue that can’t be solved by talking,” Szijjarto said.

The EU has been urging member states to decrease dependence on Russian gas as a response to Moscow’s military operation in Ukraine.

Euro hits its lowest, Ruble hits 2-year high 

As shown by trading data, the Euro fell below $1.03 for the first time in July since December 2002. The euro traded at $1.0296 which is down from $1.0421 at a time when the dollar index was 1.04% to 106.23 points.

Fears over the European energy crisis are putting pressure on the euro. Strike-related production suspensions at many fields by Norway’s Equinor increased gas prices. Nord Stream will be suspended for scheduled maintenance from July 11 to July 21. In light of this, European gas futures are rising by 6% to almost $1,800 per thousand cubic meters.

On the other hand, the exchange rate of the dollar and the euro fell against the ruble in May and the currency was trading below 69 rubles for the first time since June 2020, while the euro was trading below 73 rubles.

In terms of stock trading, the Moscow Stock Exchange denominated in rubles (MICEX) index declined by 0.02% to 2444.67 points, while the stock exchange index denominated in dollars (RTS) rose 0.87% to 1091 points....more........