> For many years the Russian Ruble was pegged against a basket of 55% USD and 45% EUR Minor point: Pegging is not equivalent to being backed by 55% EUR + 45% U

> For many years the Russian Ruble was pegged against a basket of 55% USD and 45% EUR Minor point: Pegging is not equivalent to being backed by 55% EUR + 45% USD, and nothing else. The RUB had risks associated with it independent of those other currencies, whereas a true basket currency would not (or at least not to the same extent).