Moscow: Nikolai Patrushev, secretary of the Russian National Security Council, attracted the world’s attention by announcing that the Russian currency Rouble, will soon be linked to gold and other essential commodities. Patrushev said that Russian experts are working on the plan. The Russian Central Bank currently has a reserve gold stock of 2,000 tonnes. Russia is the third-largest producer of gold in the world. The gold production in Russia reached 300 tonnes in the year 2021. Therefore, this Russian announcement will create a major stir on the international level.
Given the war with Ukraine, the United States and western countries have imposed stringent economic sanctions against Russia. The sanctions are targeting the entire economy, including the Rouble. The Russian Central Bank took some important decisions to bail the economy out of the situation. Last month, the Russian Central Bank started purchasing gold, fixing a rate of 5,000 Roubles per gram. It increased the demand for the Rouble and stabilised its value.
Although the Russian Central Bank stopped the scheme after two weeks, the plan was a resounding success. Analysts on the international level have claimed that if the Russian currency Ruble is linked to gold, there will be significant changes in the global currency systems. 
Russia indicated that the Rouble would also be linked to fuel, food grain, and other metals along with gold. It is also said that this will compel the buyers of these commodities from Russia to buy either Roubles or Gold, increasing their value.
Secretary of the Russian National Security Council, Patrushev, informed that Russian experts are working on activating such a scheme. The Russian media is claiming that this means that Russia is planning to introduce such a system soon. In that scenario, the USD position could take a major hit. Russia and China have been working on such moves for many years. The Russian plan will give a decisive turn to the actions.
Related posts:
Russia deploys war planes at the Iranian airbase to combat terrorism in Syria
Russia holds war exercises in the Black Sea amid tensions with Ukraine
30 killed in violence in the West Papua province in Indonesia
US approves Kurdish alliance with Russia and the Syrian government; Kurdish commander
US Space Force a threat to Russia, Russian President Vladimir Putin
Russian economy declines by 30% after West imposes sanctions; long queues outside ATMs in Russia
Russia to start using digital Ruble from the next year: Elvira Nabiullina, Governor Russian Central Bank
Germany, Austria and Italy to pay Russian fuel bill in Roubles, claims media
