Kremlin Signals They Want The Ruble To Be Peg To Gold Prices And Other Commodities

This picture taken on August 13, 2021, in Moscow, shows Russian ruble coins and banknotes pictured next to Russian ruble sign. (AFP)

Reuters: Kremlin says idea to peg rouble rate to gold prices is being discussed

Russian President Vladimir Putin is discussing with officials the idea of pegging the ruble to gold and other goods, the Kremlin said on Friday.

A powerful Russian security official said this week linking the ruble to bullion could give Russia more “sovereignty” over its financial system, which has been battered by Western sanctions since Moscow sent troops into Ukraine on February 24.

Asked about the idea on a conference call with reporters, Kremlin spokesman Dmitry Peskov said “this question is being discussed with Putin.”

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Update: A New Gold Standard? Kremlin Confirms Intention To Back Ruble With Gold And Commodities (Zero Hedge)

WNU Editor: Russia is a commodities-based superpower. Having its currency backed by gold and other critical commodities may work. But for now the Russian Central Bank is saying no .... Bank of Russia Rejects Ruble-Gold Peg Idea, Differs With Kremlin (Bloomberg)..

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