The central bank in Russia just announced they will buy gold at a specified rate from its banks for the next three months. While this rate is under the current price of gold, it effectively pegs the ruble to gold and sets a floor underneath the gold price. The real fun starts if Russia decides to price oil in rubles or gold after this move. They could effectively force the world onto a new gold exchange standard.
Putin has ordered that gas contracts with "unfriendly" countries--those responsible for sanctions against Russia--be settled in rubles rather than in foreign currencies and gave Russia's central bank and gas suppliers like Gazprom one week to implement the change. more at link.
"Hostile" countries need to buy rubles for oil settlement or pay directly in gold.
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