• Tangent5280@lemmy.world
      link
      fedilink
      English
      arrow-up
      18
      ·
      1 year ago

      Every billion im rubles is more around 10 million USD.

      For a dam failure that sounds like a pittance.

      • Pons_Aelius@kbin.social
        link
        fedilink
        arrow-up
        9
        ·
        1 year ago

        For a dam failure that sounds like a pittance.

        exchange rates comparisons, especially for a falling currency, undervalue what the local buying power /economic impact of Billions of rubles is, in Russia.

      • Echo Dot@feddit.uk
        link
        fedilink
        English
        arrow-up
        5
        ·
        1 year ago

        The exchange rate is no longer valid. You can’t actually exchange US dollars into Russian Rubbles so to say 1R is worth 0.1$ doesn’t make sense because how can you make that comparison if you can’t actually do the conversion.

        So at this point the exchange rate is just estimated but it might be much different if in theory we could actually do the exchange. Plus of course Russia is going to have to do this repair without actually having access to a large numbers of exterior markets. Again the fact that they can’t access markets that exchange rate calculations normally assume a country will have access to, messes up the calculations.

        • xill47@lemm.ee
          link
          fedilink
          English
          arrow-up
          2
          arrow-down
          1
          ·
          1 year ago

          You cant exchange millions of dollars (but tbf you couldn’t do that easily in the best times), but people can exchange theirs money into euro and dollar for that rate (realistic limit is $10k/month, but there are legal ways to cricumvent that limit). To say “you cant actually exchange USD to RUB” is untrue.

          • maynarkh@feddit.nl
            link
            fedilink
            English
            arrow-up
            2
            ·
            1 year ago

            I guess the argument is that if you can’t do it on a large scale, then it’s economically not that important. The market forces that would drive the price discovery of the exchange rate don’t work if you can’t trade freely.

            • xill47@lemm.ee
              link
              fedilink
              English
              arrow-up
              1
              arrow-down
              1
              ·
              1 year ago

              That is a valid, but still different argument. Exchange rate still exists for average Joe (or Ivan), it isn’t North Korea (yet?)

      • severien@lemmy.world
        link
        fedilink
        English
        arrow-up
        3
        ·
        1 year ago

        Not all dams are equal. Some are bigger and more important than others. This one was likely one of the smaller ones.