RUSSIA MAKES COUPON PAYMENTS:  It was reported last week that Russia made coupon payments due on its bonds issued to foreign investors, most of whom were US based. This is a very important step. Nations who default do not honor their bond payments. Thus, Russia has demonstrated that it is a reliable financial partner, even during a very challenging Geopolitical crisis and while the US is seizing offshore Russian assets and banning Russian banks from the SWIFT payment system.

RUSSIA STRIKES:  Russia took another decisive step last week. They insisted that payments for Russian natural gas supplies by unfriendly customer nations must be settled in Rubles, instead of with Euros and US Dollars. Austria was stunned and reportedly said something like "this is very confusing".

BOOM cannot see any reason for such confusion. If a client nation wishes to side solely with the US in Geopolitical matters and sees Russia as some sort of existential enemy, then they have a choice — they can freeze to death or they can make their payments for natural gas to Russia in Rubles, the Russian currency. Crystal clear, don't you think?