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Comment by cudgy | Hacker News Reader

Might have something to do with the ruble being pegged to gold reserves. Something Russia did shortly after the latest Ukraine incident. Also, Russian economy is benefiting from much higher energy prices paid in Rubles from selling energy to many friendly countries. Basically, the sanctions aren’t working.

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The rouble is not pegged to gold reserves. That was just a proposal, coming from one of the least relevant members of the State Duma. (Not that the State Duma actually has any relevant members.)

Edit: sorry, that was actually Nikolai Patrushev, who is as relevant as one can be without being Putin himself. Source: https://www.rbc.ru/economics/29/04/2022/626be2919a7947fc6ea2...

The goal is to cripple Russian economy, not ruble.

Russia is exporting oil and importing most of everything else. We made it very difficult for them to import that everything else especially in industrial quantities.

Whatever was produced in Russia, like tanks, will have issues with production lines.

Cutting of gas and oil imports will hopefully happen in few years perspective. Russia is already helpfully limiting supply of gas. I would want to see them cut it off fully as they did to Poland, Finland or Bulgaria.

Is it in any meaningful sense though?

Can the average russian exchange their roubles for gold? Can anyone else legally exchange their roubles for gold?

Before the invasion you could buy gold coins/bars for RUB from most major banks, but the cut the bank took was of course large. I have no idea how it is now.

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