5000 Rubles per Gram

According to this and many other articles on the web, the Ruble has been pegged to gold at a rate of 5000 Rubles per gram as of March 28. At the current rate for the Ruble, it is now possible to buy gold in Russia for a mere $1600 per ounce, instead of the $1950 demanded in the US, which means that this would have been a silly move if there was a lot of Rubles washing around in the financial system. People would go to Russia to get their gold for $1600, only to sell it in the US for $1950.

However, Putin has made sure there's a shortage of Rubles among people by insisting that all Russian gas must be bought for Rubles, so there will be no drain on the Russian gold reserve. The opposite will happen. The West will sell their gold to Russia in order to get Rubles.

Russia has just put the world back on an official gold standard that ties the price of gold to the price of Russian gas. The result of this will be a stronger Ruble and higher prices for gas and gold measured in Western currencies.

Vladimir Putin

By Kremlin.ru, CC BY 4.0, Link