On 24 February, the Russian Federation invaded Ukraine. The result was a global earthquake, which is still ongoing, that is shaking up relations and alliances between states. The conflict has brought threats to international trade. There are fears of food shortages in countries dependent on Russian and Ukrainian grain.

Of course, the Russian currency, the Rouble (₽ or RUB), has paid the price for the Kremlin's actions. All the more so as Western countries have frozen $300 billion of Russian assets. This is equivalent to half of the Federation's foreign exchange reserves, which are largely invested in US treasury bills.

On 1 January this year, it took 75 roubles to get 1 US dollar. But on 3 March, only a few days after the start of the invasion, the conversion rate was 117 roubles to the US dollar. On 26 March, US President Joe Biden welcomed this situation. During his trip to Poland, he said that the rouble was practically in a state of ruin.

Although the Russian currency has since improved significantly, Moscow is in vital need of external goods and services and is suffering from a weak currency.

To counteract the West's manoeuvres, the master of the Kremlin has made it known that he could link the rouble to gold (and other raw materials). However, to date, no currency is linked to gold. The last one was the Swiss Franc until 1999. France also had in its past, from the beginning of the 19th century until 1928, its currency linked to gold (called the Franc-Germinal).

The news caused a sensation in financial circles and a fake news was widely relayed on social networks announcing that the Ruble was now backed by gold and that this had just annihilated the Dollar.

The pegging of the Russian currency would be a major confidence booster for investors. It would allow the Kremlin to loosen the grip of the US dollar. Moreover, and for the same reasons, China is watching this measure with interest.

It remains to be seen whether this project is really feasible.