Putin has pegged the Rouble to Gold and demanded the west pay rubles or gold for the energy it buys

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1. By Sabastian Zorn

   Russia’s 3-Step Program To Put The Ruble On A Gold Standard

   “…Why can the West not see what is happening? Because they’re myopic. The mainstream financial press is so focused on the “Russia selling gold” angle because they’re deeply Keynesian that they do not understand that gold is money, rather than the paper that they print, and that the paper only has value because it is still exchangeable for gold. This entire article from the Wall Street Journal for example is completely focused on Russia selling gold, rather than Russia buying it, which is what they are actually doing…’
   “Western financial thought has this idea that if they cheapen Russian gold by sanctioning it, they’re hurting Russia by lessening the amount of stuff they could potentially buy with that gold. In fact, they’re actually helping Russia by encouraging gold inflows into the country and making it much cheaper for the Bank of Russia to amass much more gold to back the Ruble at a credible rate when the time comes.

   When is that time? Nobody knows for sure, or if it will ever indeed come, but the 5,000RUB/gram gold window closes June 30. What happens then? Does the Ruble become a fully backed gold substitute?”…

   https://seekingalpha.com/article/4498704-russias-3-step-program-to-put-the-ruble-on-a-gold-standard

   This is an investors blog.