> By offering to buy gold from Russian banks at a fixed price of 5,000 rubles per gram, the Bank of Russia has both linked the ruble to gold This kind of effor

> By offering to buy gold from Russian banks at a fixed price of 5,000 rubles per gram, the Bank of Russia has both linked the ruble to gold This kind of effort only works as long as the banks have all that gold the Bank of Russia wants to buy and want to sell it for the rubles the Bank of Russia is printing and the Bank of Russia is both willing and able to sell a gram of gold for every 5000 rubles in circulation. This is quite unlikely, it’s way more likely it’s just a way to trade in gold instead of rubles so they can avoid the sanctions. But once it becomes clear there isn’t enough gold to cover for the circulating rubles the value of the ruble collapses.