Posted: February 17th, 2017, 10:07am EST
Many eurosceptics believe — and with good reason — that the collapse of the eurozone would free the continent from Washington's grip, allowing European states to pursue economic and political relationships that actually serve their own national interests. What a novel concept, right? This is all well and good — in theory. But if the eurzone broke apart tomorrow, Russia's economy would almost certainly evaporate. The reasons for this are numerous, but Bloomberg has very thoughtfully compiled the most difficult-to-dismiss figures illustrating Russia's current dependence on the euro. For starters, Russia holds close to 40 percent of its foreign currency reserves in euros, and Putin has stated on the record that his country is "not interested in the collapse of the euro zone." Imagine if 40 percent of Russia's foreign currency reserves became worthless overnight. Worse still, imagine all the Russians who keep euro accounts as a way to protect themselves from the ever-fluctuating value of the ruble. Here's the reality: Russia is in no way, shape or form prepared for a eurozone collapse. It would be catastrophic for Moscow.