The Central Bank of Russia is buying gold at a fixed price. Russia is a major gold exporter. It's their third largest export. They did remove the VAT on Gold but they are NOT backing their currency with Gold as of yet.
They (Russian Central Bank) do appear to be stacking gold but one can also argue that they are doing that because miners produce so much and the LBMA (London Bullion Market Association) has removed Russian producers certifications. This makes it impossible to sell gold produced AFTER the removal of certifications through London which is highly liquid. This is mostly due to sanctions.
So for now, they are not backed by Gold.
Too many people spreading that shit that don't understand how it works or what's going on.
I agree. I described what is actually happening via their banks and purchases because the headline "RUSSIA RUBLE BACKED BY GOLD" is fucking annoying and not true lol
If they set a floor at which they would buy (they did), and they buy their own gold at that floor (they will) and allow citizens to buy internally at that plus spread (they do), then they kind of have pinned underlying value to fiat via gold