On March 28, the Central Bank of Russia resumed gold purchases from Russian banks at a fixed rate of 5,000 rubles per gram of gold, which is ~155,517 rubles per Troy ounce of gold.
Interesting arbitrage dynamic here. If buyers of Russian gas (who have no alternate sources) must pay in Rubles and they can get more rubles for an ounce of gold, the 5000/gram may not hold, but it won't be exceeded by a whole lot either.
Putin's Gold Peg: Will It Hold?
Interesting arbitrage dynamic here. If buyers of Russian gas (who have no alternate sources) must pay in Rubles and they can get more rubles for an ounce of gold, the 5000/gram may not hold, but it won't be exceeded by a whole lot either.